SHANGHAI — DreamWorks Animation SKG, the Hollywood studio behind hits like “Shrek,” “Kung Fu Panda,” and “Madagascar 3,” said Tuesday that it plans to co-develop a $3.1 billion cultural and entertainment district in Shanghai with Chinese partners.
The riverfront complex, Dream Center, is expected to cover six large blocks with theaters, performance halls, restaurants, shops, and an entertainment zone with a “Kung Fu Panda” theme. The entertainment district may open in 2016.
The district would also house Oriental DreamWorks, a new $350 million joint-venture studio DreamWorks formed with its partners. The US studio has a 45 percent stake.
Jeffrey Katzenberg, chief executive of DreamWorks, made the announcement Tuesday, promising a cultural landmark along the Huangpu River.
The partners said they had not worked out who would finance the project. But Katzenberg later said he had no reason for concern because the government and Chinese partners were eager to build.
The Shanghai project comes amid a broader strategy shift at DreamWorks.
Katzenberg had tried to sell the company but could not find a buyer, in part because of global financial turmoil. But he told analysts on July 31 that he was “committed to growth and diversification.”