Walt Disney Co. plans to spend $100 million making films in China and other locations outside the U.S. over the next two to three years, the company announced Thursday.

The Burbank-based entertainment company is releasing "The Magic Gourd" later this month in China, which is where the film was produced. The company is already making versions of "High School Musical" for several markets, including India.

Shares in Disney fell 66 cents, or 1.9 percent, to $34.26 Thursday in afternoon trading on the New York Stock Exchange.

For reprint and licensing requests for this article, CLICK HERE.