Disney, Shanghai deal approved by Chinese gov.

Though many details of the deal are still sparse, the Chinese government has approved the Shanghai Disneyland project. An investment company owned by the Shanghai government will hold a 57 percent stake in the park, leaving Walt Disney Co. the remaining 43 percent. The cost of purchasing the land required and moving existing residents will reach 24 billion yuan or US$3.52 billion. More details will surely be made available as the project moves forward. [Reuters]