Paramount sets up theme park joint venture in SKorea

0 Comments | AFP, May, 2008

SEOUL (AFP) — US film company Paramount Pictures Tuesday set up a joint venture with a South Korean auto retailer to build a 1.5-billion-dollar movie theme park and resort complex.

The joint venture, named "Paramount Movie Theme Park," will build the complex on reclaimed land in the city of Incheon west of Seoul by 2011.

Paramount Pictures said it would act as licensor and manager to help the joint venture.

Its Korean partner Daewoo Motor Sales said local lender Woori Bank and British bank Barclays would act as advisers on financing.

The two companies hope the complex will entertain some five million visitors a year. It will include two hotels, a water park, shopping malls and an entertainment district.

"Our design team has skilfully brought...