SHANGHAI, China, May 18 /PRNewswire/ -- Metro-Goldwyn-Mayer Studios Inc. (MGM) has signed a licensing agreement with Hong Kong's Tengxun Entertainment and Management Ltd., with the participation of ShanghaiTianhong Real Estate Investment Co. Ltd., which allows for the development and construction of MGM STUDIO WORLD, 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, unique 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 World's Fair Expo in Shanghai.
According to initial designs, the historic MGM logo will be prominentlydisplayed at the entrances to the complex. Large, colorful images will beselected from the studio's vast film library of approximately 4,000 titles,which will be incorporated into the complex's decor. 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 MGM's library) and branded merchandise, MGM STUDIO WORLD will include special events as well as promotions of MGM's glorious history and current theatrical and television content.
Consumers recognize MGM as having the best brand name in theentertainment world. The studio's franchises include "James Bond," "Rocky,""Pink Panther," "Stargate," and "The Thomas Crown Affair," along with MGM' sclassic library of films and television programs.
In making the announcement, Harry E. Sloan, Chairman and Chief Executive Officer, MGM, stated: "We are placing the MGM Brand in China in abig way. Given our studio'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 thefirst step in bridging traditional Hollywood Entertainment with China's film and television industry in the region. We are looking forward toutilizing this project as a way to build strong partnerships with China in the future."
"We are extremely honored to have MGM as our partner to create thes tate-of-art entertainment themed environment for the Chinese consumers. Weare confident that the MGM STUDIO WORLD will become one of the bestshopping and entertainment venues in Shanghai," said Mr. Chai Zhi-kun, Chairman of Shanghai Tianhong Real Estate Investment Co. Ltd.
Commenting on the collaboration between MGM and Shanghai Tianhong, Dr.Bao Hwang, President of Hong Kong Tengxun Entertainment Management Ltd.added: "This project sets a new standard of collaboration between the entertainment industry and commercial real estate to create an entertainment themed lifestyle entertainment centre. We are looking forward to working with MGM and leveraging this exciting project to develop morebusiness opportunities in China."
The MGM license was negotiated with a joint partnership of Shanghai Tianhong Real Estate Investment Co. Ltd, and Hong Kong registered TengxunEntertainment Management Ltd. With total investment of up to RMB1.2billion, Tianhong will be the developer and constructor as Tengxun is aproject manager for the overall project and responsible for the businessoperation after completion. While MGM will not make any financialinvestments in the project or operate it, the studio will serve as thelicensor and creative collaborator for the entire project.