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China's Wanda buys Legendary Entertainment for $3.5 billion
In this June 19, 2013, file photo, Wanda Chairman Wang Jianlin applauds during an event at a hotel in Beijing, China
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In this June 19, 2013, file photo, Wanda Chairman Wang Jianlin applauds during an event at a hotel in Beijing, China. Chinese conglomerate Wanda Group announced Tuesday it has agreed to buy Hollywood film company Legendary Entertainment for $3.5 billion in what it said is China's biggest foreign cultural acquisition to date. (AP/Ng Han Guan) (AP/Ng Han Guan)
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span class="inline inline-center">In this June 19, 2013, file photo, Wanda Chairman Wang Jianlin applauds during an event at a hotel in Beijing, China. Chinese conglomerate Wanda Group announced Tuesday it has agreed to buy Hollywood film company Legendary Entertainment for $3.5 billion in what it said is China's biggest foreign cultural acquisition to date. (AP/Ng Han Guan)
Chinese conglomerate Wanda Group announced Tuesday it has agreed to buy Hollywood film company Legendary Entertainment for $3.5 billion in what it said is China's biggest foreign cultural acquisition to date.
Wanda, whose chairman, Wang Jianlin, is one of Chinese richest businesspeople, has expanded rapidly into the film industry. It owns the U.S. cinema chain AMC and is developing an $8 billion studio complex in eastern China.
Chinese companies, many of them inexperienced but cash-rich, are on a buying spree abroad for assets that can speed their development and help them expand in global markets.
With its latest acquisition, Wanda's film businesses will include a full range of production, distribution and exhibition, Wang said in a statement. The company also has interests in hotels, retailing and real estate.
Legendary's productions have included the "Batman" trilogy, "Inception" and "The Hangover." The company says its movies have grossed more than $12 billion worldwide.
"Wanda will help Legendary increase its market opportunities, especially in the fast-growing China market," said Wang. (kes)(+)
