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Universal Studios to Open South Korean Theme Park

Universal Studios said on Tuesday it has agreed to open its latest Asian theme park in South Korea by 2012, seeking to expand in Asia's burgeoning theme park industry.

Universal Studios said in a statement it has signed an exclusive option agreement with a consortium including POSCO Engineering and Construction to jointly secure a site for the theme park, which could be larger than Universal Studios in Hollywood or Japan.

It did not give the size of investment.

Universal Studios is operated by NBC Universal, a unit of General Electric , the parent company of CNBC.

Earlier in May, Hollywood film studio Paramount Pictures said it would explore developing a South Korean theme park with a local partner.

Walt Disney has Disneyland parks in Japan and Hong Kong, while Universal runs a theme park in Osaka, Japan.

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