Chinese 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 said at a news conference in Beijing that his group is acquiring Legendary Entertainment for both intellectual property reasons and the studio’s movies, Reuters reported.
Legendary Entertainment, which is based in Burbank, California, was involved in movies such as The Dark Knight, Jurassic World and Godzilla.
The deal represents the largest acquisition to date of a US production company by a Chinese firm, according to the Los Angeles Times.
“We already have a big impact in China, however this is not enough — we have to have a global vision,” the LA Times quoted Wang, China’s richest man, as saying at the news conference.
Wanda is the world’s biggest movie theater operator, controlling AMC Entertainment Holdings, North America’s second-largest cinema chain, and Australian movie theater company Hoyt’s Group.
Wanda Cinema Line Corp, the group’s domestically listed firm, is the biggest theater operator in China, Reuters noted.
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