Warner Bros, a unit of media giant AOL Time Warner, is waiting for regulatory approval to buy a stake in one of Shanghai's biggest cinemas, South China Morning Post said. The 1,490-seat, nine-screen complex in the Xijiahui shopping district has already started trial operations. The joint venture was agreed earlier this year, but the cinema will remain under the ownership and operation of Shanghai Paradise, which owns 140 screens, about 90 per cent of the city's total, until approval is granted.
Other foreign film and entertainment companies are investing in cinemas in the city. North American-based IMAX owns two cinemas in Shanghai and plans to open two more. The company has moved its Asian headquarters from Singapore to Shanghai and plans to build 20 new cinemas in China within five years, said Shanghai Daily. Hong Kong film-maker Golden Harvest Entertainment owns minority stakes in two Shanghai multiplexes, while Eastman- Kodak holds a stake in another.