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![China's Dalian Wanda Group will buy a controlling stake in Hollywood film studio Legendary Entertainment [Image: Legendary Entertainment]](http://thebricspost.com/wp-content/uploads/2016/01/Man-of-Steel_01-e1452579018123.jpg)
China’s Dalian Wanda Group will buy a controlling stake in Hollywood film studio Legendary Entertainment [Image: Legendary Entertainment]
Chairman Wang Jianlin held a press conference in Beijing on Tuesday to make the announcement that it has bought majority stake in the Hollywood studio. Wanda said this is its “largest culture acquisition overseas”.
Wang said the group plans to package Legendary with his company’s existing movie production and distribution assets in China and sell shares in the merged operation in an initial public offering (IPO) this year.
No further details were disclosed.
Wang said Wanda’s purchase of Legendary is due to the fact that the company has a large number of intellectual properties (IPs) and also because of the movies it has produced: hits such as “The Dark Knight”, “Jurassic World” “Man of Steel”, as well as “The Hangover” film franchise.
The Wanda group said the merger will not only focus on movie cooperation, but is also inline with recent moves, as Wanda is exploring the tourism and entertainment industries.
“The purchase will increase the presence of Wanda in the global cinema market,” Wang said.
China real estate group Wanda already controls the second-largest U.S. cinema chain AMC Entertainment Holdings Inc.
Chairman Wang Jianlin is China’s richest man.
Wanda is building the world’s biggest studio-plus-theme park on China’s eastern coast and in 2014 bought land in Beverly Hills, calling the $1.2 billion complex it plans to erect there its “first important step into Hollywood.”
TBP and Agencies
