Paramount to Build $1 Billion Theme Park in South Korea

Viacom's Paramount Pictures will build a $1 billion entertainment theme park in South Korea jointly with Daewoo Motor Sales, Daewoo said on Thursday.

The Hollywood film distributor and the South Korean auto sales company will invest 950 billion won (US$1.03 billion) to build the entertainment resort in the airport city of Inchon, near the capital, Daewoo said in a filing with the Korea Exchange.

A Daewoo spokesman said construction would start this year and was scheduled for completion before the 2014 Asian Games to be held in Inchon.

Paramount will shoulder most or all of the investment costs and Daewoo will offer land it owns in the area, the spokesman said. He said more details would be announced in a joint statement later in the day.

The plan will make Paramount the first and only foreign entertainment firm to operate a theme park in South Korea. Two of the country's biggest conglomerates, Lotte Group and Samsung Group, each have one theme park in Seoul.