Walt Disney Co Plans to Create Theme Park in Shanghai

  Rumors has it and nosy reporters confirm the news concerning a project to build a Walt Disney Co  theme park in Shanghai. The city's mayor intends to hold a news briefing  in very near future to discuss the latest developments.

Photo: Walt Disney Co Plans to Create Theme Park in Shanghai

    "The Shanghai municipal government will soon hold a media briefing to announce the latest news on the Disney project and to respond to matters of concern to the media," Shanghai Mayor Han Zheng told a news conference on Sunday, domestic media reported.

  Speculation has been mounting that Disney is finally about to announce a long-awaited deal to build a theme park in Shanghai and a Shanghai government source familiar with the situation told reporters last week that Beijing had given approval to the project, the key step in allowing it to move forward. 

  The Walt Disney Company today owns, among other assets, five vacation resorts, eleven theme parks, two water parks, thirty-nine hotels, eight motion picture studios, six record labels, eleven cable television networks, and one terrestrial television network. As of 2007, the company has an annual revenue of over U.S. $35 billion, according to Reuters report.