DreamWorks Animation LLC has sold off its China joint venture stake to local partner CMC Capital Partners, marking the end of a relationship that began with big hopes but ended with relatively little major output.
DreamWorks Animation’s sale of its stake in Oriental DreamWorks comes less than a year after the company exited another major undertaking also in China’s commercial hub of Shanghai, and less than two years after the company was acquired by the parent of U.S. entertainment giant NBCUniversal. It also comes as an earlier wave of tie-ups between Hollywood and China shows signs of starting to cool.
As part of the buyout, the animation joint venture between DreamWorks Animation and CMC Capital will be renamed Pearl Studio, the companies said in a joint announcement.
“We have tremendous respect for Li Ruigang and CMC, and look forward to many opportunities to work together as they continue to build this business as Pearl Studio,” said Jeff Shell, chairman of Universal Filmed Entertainment Group.
Oriental DreamWorks’ formation was announced with fanfare in 2012, kicking off a long stream of major tie-ups between Hollywood and Chinese partners keen to develop films that could appeal to moviegoers in a market that has become the world’s second largest.