Shanda enters $88 mil joint venture

Game developer and Hunan Broadcasting join for movies

SHANGHAI -- Chinese media firm Shanda Interactive Entertainment said its unit will set up a joint venture with a Chinese television company with an investment of 600 million yuan ($88 million) to produce and distribute movies.

Shanda said in a statement on Thursday the firm and its partner, Hunan Broadcasting and Television Group, intend to remake a television series and produce a movie as its first projects.

In September, Shanda spun off its games unit, Shanda Games, to focus on growing the parent company into a full-fledged media entertainment firm.