This time it involves U.S. cable and media company Comcast buying Dreamworks Animation, the studio responsible for Hollywood hits such as "Kung Fu Panda" and "Shrek." As CCTV's May Lee reports, Comcast's move shows once again, how important a strong China strategy is.
The lovable fictional character Po and his motley crew of kung fu warriors are worth a whole lot more thanks to the 3.8 billion dollar acquisition of Dreamworks Animation by cable and media giant Comcast-NBC Universal.
The deal came swiftly. According to industry insiders, Dreamworks' CEO, Jeffrey Katzenberg, was being courted by a potential Chinese buyer. That was enough to kick Comcast's offer into high gear.
The deal, which is subject to regulatory approval, gives Comcast more ammunition to compete against Disney and its worldwide properties, which include successful theme parks. Comcast wants to do the same worldwide especially in China.
Christopher Spicer is an attorney who works on a variety of U.S. and Chinese entertainment deals. He says the level of activity has been exploding in recent years.
Earlier this year, Dalian Wanda group bought Legendary Entertainment for three and a half billion dollars, marking the first time an American movie studio known for producing giant blockbusters like Jurassic World is under Chinese ownership.
A Chinese buyer may have lost out on Dreamworks, but more opportunities are surfacing. Just a few months ago, Viacom, owner of Paramount Pictures, said it would begin talks to sell a minority stake in the studio. Word is, there are several interested parties from China, including Alibaba, stay tuned.