Date
30 March 2017
Wanda Group Chairman Wang Jianlin has made another move to expand his firm's entertainment business. Photo: Bloomberg
Wanda Group Chairman Wang Jianlin has made another move to expand his firm's entertainment business. Photo: Bloomberg

Dalian Wanda buys Australia cinema chain Hoyts

Wanda Cinema Line Corp. (002739.SZ), a unit of China’s Dalian Wanda Group, said on Tuesday that it is acquiring Australian cinema chain Hoyts Group.

Hoyts operates some 450 cinema screens in Australia. Terms of the deal were not disclosed.

The acquisition marks the latest push by Dalian Wanda into entertainment as it seeks to diversify its holdings away from real estate, Reuters noted.

In December, Sun Xishuang, a major shareholder in Dalian Wanda Commercial Properties Co. (03699.HK) and a friend of Wanda Group Chairman Wang Jianlin, bought Hoyts from private-equity fund Pacific Equity Partners for an undisclosed sum, according to the report.

In 2012, Dalian Wanda bought AMC Entertainment Holdings, the second largest US cinema chain, for US$2.6 billion.

A year later, the group agreed to oversee a 50 billion yuan (US$8.07 billion) investment in a movie studio and entertainment complex in the Chinese coastal city Qingdao.

Wanda Cinema currently operates China’s biggest theatre chain.

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