Wanda Cin­ema to spend $5.67 bil­lion for me­dia unit

China Daily (Canada) - - NEWS CAPSULE -

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.

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