China’s Dalian Wanda buys control of US film studio Legendary Entertainment in US$3.5 billion deal
China’s property-to-entertainment conglomerate Dalian Wanda Group said on Tuesday that it has agreed to buy a controlling stake in Hollywood movie studio Legendary Entertainment in a deal worth about US$3.5 billion.
Wanda’s chairman Wang Jianlin, mainland China’s richest man, said at a news conference in Beijing that the Chinese firm was acquiring Legendary Entertainment for both intellectual property reasons and the studio’s movies.
Wanda is already the world’s biggest movie theatre operator, controlling AMC Entertainment, North America’s second-largest cinema chain, and Australian movie theatre company Hoyt’s. Wanda Cinema Line, the group’s domestically listed firm, is the biggest theatre operator in China.