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Comment (SHANGHAI/LOS ANGELES (Reuters) - The Walt Disney Co (DIS.N) has received Beijing's nod to build a theme park in Shanghai, in a major advance for the media and entertainment company in the tough China market ahead of President Obama's first China visit.
The announcement caps years of on-again-off-again talks between Disney and Shanghai, reflecting the tough road that Western media firms have faced in China in general.
"China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China," Disney CEO Robert Iger said in a statement.
Lack of central government approval was seen as a major stumbling block for much of the last decade as Disney has sought to build a park in the wealthy city of Shanghai.
Disney already has operations in Hong Kong, where its fifth resort was built in 2005, but that location has not been...
