A new Chinese joint venture said Monday that the third installment of DreamWorks Animation's "Kung Fu Panda" will be made in China as a co-production, the first for any major Hollywood animated feature film.
"Kung Fu Panda 3," set for worldwide release in 2017, will be the debut feature-length animated film to be created by Oriental DreamWorks, a Shanghai-based entertainment company launched in February that will develop and produce Chinese animated and live-action content for distribution within China and around the globe.
The company is a joint venture between the Glendale-based DreamWorks Animation and China'slargest media companies -- China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Ltd.
The "Kung Fu Panda" movies have been very popular in China, and co-producing the third film in the country could be a financial windfall for DreamWorks Animation, allowing the studio to collect 50% of box-office ticket sales in China compared with 25% for a typical foreign film that is released into China under its quota system. Last year's "Kung Fu Panda 2" grossed $92.1 million in China.
"Kung Fu Panda 3" is the latest high-profile Hollywood film to be co-produced with China. Other co-productions include "The Expendables 2" and the upcoming movie "Iron Man 3" from Disney/Marvel Studios.