GE agrees to S. Korea theme park deal

General Electric Co.’s Universal Studios has agreed to build a theme park in South Korea with a local partner, the two companies said Monday.

The new theme park probably would be completed by 2012, Universal and its South Korean partner, USKOR & Associates, said. A statement didn’t disclose financial details or the theme park’s specific location.

“The Universal Studios theme park resort planned for Korea can be larger than Universal Studios Hollywood or Universal Studios Japan,” the companies said.

Universal follows Paramount Pictures in seeking to build a theme park in Asia’s third-largest economy.

Paramount is planning to open a $1-billion theme park in Incheon, in western South Korea, partner Daewoo Motors Sales Corp. said this month.

Universal Parks & Resorts, which runs the Universal Studios theme parks in Hollywood, Orlando, Fla., and Osaka, Japan, has reduced its global theme park operations in recent years.

Still, Universal has a park under development in Singapore and last month had announced a licensing agreement with Tatweer, a United Arab Emirates developer, to build a $2.2-billion theme park called Universal City Dubailand.

Universal Parks is owned by NBC Universal Inc., which in turn is a unit of General Electric. NBC Universal is 80% owned by General Electric and 20% owned by Paris-based Vivendi.