Paramount and Sun Capital Management, an Osaka-based real estate fund manager, are partnering on a $1.34 billion theme park.
Paramount Resort Osaka will be built on the site of the failed Expoland amusement park in Suita, a city in the Osaka area, and will include pic-themed attractions, a five-star resort hotel and various commercial facilities.
It is tentatively skedded for completion in 2012.
The details of the deal are being hammered out between Sun and Par group company Paramount Licensing.
Sun is raising funds and setting up a management company for the project; Par is supplying its pic properties and know-how but no coin.
The biggest local competitor will be Universal Studios Japan, an Osaka park that opened in 2001 as a joint project between Universal, local government and businesses but has struggled to keep up visitor numbers and profits.
In May, park management company USJ was bought out by the Goldman Sachs Group.