Disney gets approval for Shanghai?

ChinaKnowledge.com is reporting that Disney has cleared all the regulatory and government approvals to go ahead with its theme park to be located outside of Shanghai.

sources said a press conference would be held soon in Geneva to announce the approval.

Earlier media reports said that a joint venture will be established to manage the Shanghai Disney Park, with 43% of its shares held by the U.S. company and 57% held by the Chinese side.

This comes as Disney and the Hong Kong Government fight over where additional funds to expand that park will come from and as Disney announces off-stage role layoffs across its parks and resorts division.