Time Warner to Produce Anime

Time Warner and Itochu Corp. have announced plans to jointly produce new anime for simultaneous broadcast on the Cartoon Network in Japan and North America. The joint venture is expected to be established with 3 billion yen (US $29 million) by this June, and will seek funding from other broadcasters, animation studios, and toy manufacturers. By April 2006 the joint venture is expected to be producing 3 weekly shows 20 million yen (US $190,000) per episode budget, 20 to 50 percent higher than the current average budget for anime TV series.

Source: Anime News Network