DreamWorks Animation chief executive officer Jeffrey Katzenberg, President Barack Obama’s biggest supporter, confirmed at the Fortune Global Forum in Chengdu, China, that DreamWorks is partnering with Wanda Group, the largest owner of movie theaters in China.
The Hollywood Reporter reports:
Speaking at a Fortune Global Forum panel, DreamWorks CEO Jeffrey Katzenberg said he could ‘confirm’ that the animation studio – which has already established the Shanghai-based Oriental DreamWorks company with an assortment of powerful state-backed Chinese companies – will be working with Wanda … Wang Jianlin, the real-estate mogul whose company is the largest cinema operator in China and also the owner of North American cinema chain AMC, said Wanda has already ‘reached an initial co-operation agreement’ with DreamWorks Animation … The two CEOs did not reveal further details of the planned partnership.
Katzenberg recently announced that DreamWorks was working on a Chinese film project called Tibet Code, an Indiana-Jones-inspired adventure. The project was applauded by the chairman of the Chinese state film distributor as a vehicle for Chinese values and morality.
The Securities Exchange Commission is investigating DreamWorks for bribing Chinese officials regarding the development of a $2 billion production studio in China. The New York Times reported that Vice President Joe Biden negotiated with Xi personally to help secure the deal.
The production company, called Oriental DreamWorks, is a joint venture between DreamWorks, China Media Capital, Shanghai Media Group, and Shanghai Alliance Investments to build produce family oriented films.
Katzenberg has been Obama’s most important backer, having donated $3 million to Priorities USA, a Super PAC affiliated with Obama’s reelection campaign. As a fundraiser, Katzenberg raised more than $6.5 million for President Obama’s two presidential campaigns and has hosted multiple fundraisers himself.