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Wanda Group acquires Legendary Entertainment for $3.5 bn
MUMBAI: Wang Jianlin, China’s richest man, continues to bet on Hollywood. His company, Wanda Group has acquired Legendary Entertainment, the American film and television company, for $3.5 billion in cash.
This is the largest acquisition of a US production company by a Chinese firm.
Legendary Entertainment, controlled by Thomas Tull, is the maker of ‘The Dark Knight’, ‘Jurassic World’ and ‘Godzilla’ movies.
“The acquisition of Legendary will make Wanda Film Holdings Company the highest revenue-generating film company in the world, increasing Wanda’s presence in China and the US, the world’s two largest markets,” said Wang. “Wanda’s businesses will encompass the full scope of film production, exhibition and distribution, enhancing Wanda’s core competitiveness and amplifying our voice in the global film market.”
Beijing-based Wanda Group already controls AMC Entertainment Holdings, the second-largest US cinema chain. Jianlin wants to spread his interests across sports, hospitality, theme parks and entertainment.