Wanda Cinema to spend $5.67 billion for media unit
Wanda Cinema Line Co, China’s biggest cinema chain and a subsidiary of privately owned property giant Dalian Wanda Group Co Ltd, said it will spend 37.2 billion yuan ($5.67 billion) to buy its other film assets, Wanda Media, owner of Hollywood movie studio Legendary Entertainment.
In January, Wanda Media acquired a majority stake in Legendary for 23 billion yuan. The studio has participated in the production of blockbusters including Jurassic Park, Godzilla, and Interstellar.
The acquisition will help Wanda Cinema to expand into film development and production. Liu Cuiping, research director at EntGroup, said the acquisition is further evidence that Wanda is looking to become a major player in the entertainment industry comparable to those in Hollywood.