NBCUniversal Owner in Talks to Acquire Majority Stake in Universal Studios Japan

Universal Studios Beijing will “pay ‘proper homage to Chinese culture, ‘ said Tom Williams, chairman and CEO of Universal Parks & Resorts”, whatever that means.

The first stage involves building the core theme park in five years.

Universal Studios, owned by Comcast, has announced a joint venture agreement to build a new theme park in Beijing, following a signing ceremony at the headquarters of NBC Universal in New York.

The project was originally agreed upon by the National Development and Reform Commission in September 2014, but Universal Studios and Chinese officials formally put pen to paper on Sunday afternoon.

It will be built in several phases starting with a Universal CityWalk retail-entertainment complex and Universal themed hotel. The park, expected to open in 2019, covers 2.02 million square meters of floor space and is set to attract a total investment of 50 billion yuan ($7.98 billion). The theme park will blend China’s rich cultural heritage with Universal Parks & Resorts’ unique family entertainment experience and Hollywood movie culture with Hollywood mogul Steven Spielberg as a creative consultant.

Line 7 of the Beijing subway will be extended east to reach the park and the Batong Line will also be expanded to the park’s resort.

A conceptual overview of the Universal Beijing Theme Park and Resort. The envisioned acquisition of the popular Japanese park would enable the unit of the US cable operator to expand its presence in the theme park industry.

As D.J. and European amusement parks see flattening or declining attendance, leisure corporations are betting on China to drive enlargement. The new park will open in stages, with the first part to open in 2019. There are also two in Asia: in Osaka, Japan, and in Singapore.