December 9, 2010 (FinancialWire) (http://www.financialwire.net/) — Giant Interactive Group Inc. (NYSE: GA), a Chinese online game developer and operator, said that it has entered a binding framework agreement with Huayi Brothers Media Corp., a media, entertainment and leisure group in China, to cooperate Giant's 3D MMORPG King of Kings III.

After the transaction is completed, Giant and Huayi Brothers will jointly own a new entity called Beijing Huayi Giant Information Technology Co., Ltd, which will obtain the intellectual property of King of Kings III and its development team from Giant.

Huayi Brothers will become the majority shareholder, while Giant and the development team of King of Kings III will become minority shareholders of the JV.

China-based Giant focuses on massively multiplayer online role playing games.

Huayi Brother has operating divisions in film and television production as well as in film distribution, artist talent management, music, advertising and most recently, film exhibition.

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