MUMBAI: Metro-Goldwyn-Mayer Studios Inc. (MGM) has signed a licensing agreement with Hong KongÃ¢â‚¬â„¢s Tengxun Entertainment and Management Ltd., with the participation of Shanghai Tianhong Real Estate Investment Co. Ltd., for the development of MGM Studio World.
MGM Studio World will be a lifestyle center built around the MGM brand and its intellectual properties.
Currently under development, MGM Studio World will be located in the Changfeng Ecological Business District, southern part of Putuo District in Shanghai. It is an indoor venue combining dining, retailing, night-time venues and entertainment in a space of approximately 200,000 square feet. The consumer-friendly entertainment destination is slated to be unveiled in the summer of 2010 to coincide with the WorldÃ¢â‚¬â„¢s Fair Expo in Shanghai.
According to initial designs, the MGM logo will be prominently displayed at the entrances to the complex. Among the key MGM branded areas within the complex are the exterior marquee, the central plaza spectacular (a multimedia show incorporating water features, special effects and films from MGMÃ¢â‚¬â„¢s library) and branded merchandise, MGM Studio World will include special events as well as promotions of MGMÃ¢â‚¬â„¢s history and current theatrical and television content.
The studioÃ¢â‚¬â„¢s franchises include James Bond, Rocky, Pink Panther, Stargate, and The Thomas Crown Affair, along with MGMÃ¢â‚¬â„¢s classic library of films and television programs.
MGM chairman and CEO Harry E. Sloan said, Ã¢â‚¬Å“We are placing the MGM Brand in China in a big way. Given our studioÃ¢â‚¬â„¢s rich history, MGM is synonymous with Hollywood and we are excited to bring this experience to consumers in Shanghai, which is one of the most dynamic cities in the world. , MGM Studio World is the first step in bridging traditional Hollywood entertainment with ChinaÃ¢â‚¬â„¢s film and television industry in the region. We are looking forward to utilizing this project as a way to build strong partnerships with China in the future.Ã¢â‚¬Â
The MGM license was negotiated with a joint partnership of Shanghai Tianhong Real Estate Investment Co. Ltd, and Hong Kong registered Tengxun Entertainment Management Ltd. With total investment of up to RMB 1.2 billion, Tianhong will be the developer and constructor as Tengxun is a project manager for the overall project and responsible for the business operation after completion. While MGM will not make any financial investments in the project or operate it, the studio will serve as the licensor and creative collaborator for the entire project.