CMC-Led China consortium announces full ownership of Oriental DreamWorks

SHANGHAI - CMC Capital Partners, China's leading investor in media and entertainment, announced Friday it has led a consortium to take full ownership of Oriental DreamWorks, which had been a China-US joint venture.

The company will be re-branded as Pearl Studio, CMC said in a press release.

Oriental DreamWorks was launched in 2012 by DreamWorks Animation and three Shanghai-based state-owned groups -- CMC, the Shanghai Media Group and Shanghai Alliance Investment Limited. CMC Capital Partners was previously known as China Media Capital.

Oriental DreamWorks is focused on animation production, and is the studio behind "Kung Fu Panda 3."

"With full ownership, CMC expands its commitment to building Pearl Studio into one of the world's leading creators of high quality animated content," the company said.

Li Ruigang, chairman and CEO of CMC, said the company had great cooperation with NBCUniversal and its DreamWorks Animation.

NBCUniversal and DreamWorks Animation will continue to collaborate with Pearl Studio on relevant programs.