New Delhi, Apr 17 (IANS): China-based film production company DMG Entertainment will co-produce the third instalment of the popular "Iron Man" franchise. A part of the film will be shot in China too.

DMG will not only co-produce the film, it will also distribute "Iron Man 3" in China in collaboration with the Walt Disney Company China.

Dan Mintz, CEO of DMG Entertainment, hopes to push the series to new heights with this collaboration.

"Our collaboration with Disney and Marvel marks a milestone in the global entertainment landscape, as this signifies the first multi-billion dollar franchise to be produced between Hollywood and China," Mintz said in a press statement.

"The 'Iron Man' franchise has been a major success worldwide, and we look forward to pushing the series to new heights with 'Iron Man 3'," it said.

"The movie will further build upon its compelling storyline, and feature the hottest A-list stars, and spectacular action, which will resonate well both globally and in China, the second largest box office market in the world," added Mintz.

"Iron Man 3" will see Robert Downey Jr., Gwyneth Paltrow and Don Cheadle reprising their roles as Tony Stark, Pepper Potts and James "Rhodey" Rhodes respectively.

"The popularity of the Marvel franchise globally creates a huge opportunity to deliver fans yet another action packed film," said Stanley Cheung, managing director, Walt Disney Company, Greater China.

"The co-production of 'Iron Man 3' in China is testimony to the importance of this audience to Disney and the local industry capability to deliver a blockbuster title," he added.