You will be redirected back to your article in seconds

CMC Takes Over Universal’s Stake in Oriental DreamWorks

Li Ruigang’s China Media Capital has taken full ownership of Oriental DreamWorks, the joint venture between CMC and DreamWorks Animation. The company is to be relaunched as Pearl Studio.

The company’s future has been in doubt for much of the past two year. That followed the underperformance of its only large scale animated feature to date, “Kung Fu Panda 3” and the sale of DreamWorks Animation to Universal and its parent Comcast.

In March last year, Variety exclusively reported that CMC had laid off 40 animators and was poised for restructuring. In September, the Financial Times reported that Universal had held talks about selling its 45% stake in Oriental DreamWorks to Warner Bros.

No financial terms were disclosed. In a statement, it was announced that NBCUniversal and its DreamWorks Animation, will continue to collaborate with Pearl Studio on its 2019 worldwide release of “Everest.” DreamWorks Animation’s film, television, consumer products and digital gaming businesses will now be part of NBCUniversal’s product offerings in China

Everest” tells the story of a girl who tries to bring a yeti from the Himalayas back to Shanghai is largely financed by Oriental DreamWorks. Jill Culton replaced Tim Johnson (“Home,” “Over The Hedge”) as director. Todd Wilderman continues to serve as co-director. The script was written by William Davies (“How to Train Your Dragon”). Pearl will handle the film’s release in China, Universal its outing in the rest of the world.

Pearl Studio will be led by CEO Frank Zhu and chief creative officer Peilin Chou.  The senior executive team also includes head of studio Dagan Potter, head of ancillary business PC Xu and head of operations Cindy Zhou.

“The animation market could not be stronger right now in China or globally. We believe Pearl Studio is in a very unique and enviable position to be a bold new independent voice in the animation community,” said Li, chairman and CEO of CMC.

More Biz

  • Plume of black smoke rising from

    Lawsuit Expected Next Week in Response to Universal Music Fire

    A Los Angeles law firm representing several Universal Music recording artists affected by the 2008 fire that destroyed a huge number of master recordings is expected to file a lawsuit as early as next week. King told Variety that he expects to sue for negligence and other torts. He declined to identify his clients, saying [...]

  • Nicholas Sparks

    Nicholas Sparks Responds as LGBT Discrimination Claim Resurfaces

    Nicholas Sparks, the prolific author of romance novels, is facing renewed allegations that he discriminated against gay students at his Christian school in North Carolina. The allegations were first leveled by Saul Benjamin, the former headmaster of the Epiphany School of Global Studies, in a wrongful termination suit he filed in 2014. Benjamin’s suit alleged [...]

  • Tyler the Creator and DJ Khaled

    Inside the DJ Khaled-Tyler, the Creator Chart Battle

    The controversy surrounding the recent chart battle between DJ Khaled and Tyler the Creator — in which a bundle promoting Khaled’s album was disqualified from adding to its sales tally for the May 24 Billboard 200 album chart, allowing the No. 1 spot to go to Tyler’s “Igor” — has been a first-class problem for [...]

  • Cuba Gooding Jr. Diversity

    Cuba Gooding Jr. Charged with Misdemeanor Forcible Touching

    Actor Cuba Gooding, Jr., has been charged with a misdemeanor count of forcible touching following an incident at a nightclub, the New York Police Department said Thursday. Gooding turned himself in to NYPD detectives on Thursday, surrounded by a throng of media. Later in the day, he was arraigned in front of Judge Herb Moses. [...]

  • Contract Placeholder Business WGA ATA Agent

    CAA Challenges Writers Guild of America's Legal Standing in Packaging Fee Lawsuit

    CAA has challenged the Writers Guild of America’s legal standing for bringing forth the lawsuit against Hollywood’s four largest talent agencies over the issue of packaging fees. CAA’s latest legal response to the suit filed by the WGA in Los Angeles Superior Court in April asserts that the guild does not have the right to [...]

More From Our Brands

Access exclusive content