Shanda Interactive Entertainment has announced that it has reached a strategic cooperation with Hunan Broadcasting, Film and TV Group to invest CNY600 million to set up a joint venture for movies and television series projects.

Chen Tianqiao, chairman and CEO of Shanda, told local media that Hunan Broadcasting, Film and TV Group is one of the most vital and innovative Chinese media and entertainment groups. It has a first-class music and talent show program production team. Its partnership with Hunan TV will combine the advantages of traditional and new media, which will lead the development of the Chinese media industry.

In addition, though it is not mentioned in Shanda's official press release, rumors from various sources are that Long Danni will be the president of this new joint venture.

So far, Shanda has developed its businesses into China's film and TV, music, literature, and online game sectors.