China's Dalian Wanda buys control of Legendary Entertainment in $3.5 billion deal

Reuters News
Posted: Jan 11, 2016 9:48 PM

BEIJING (Reuters) - China's property-to-entertainment 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 $3.5 billion.

Wanda's chairman Wang Jianlin, China's richest man, said at a news conference in Beijing that the Chinese firm was acquiring Legendary Entertainment for both intellectual property reasons and the studio's movies. A person familiar with the matter told Reuters earlier this month a deal had been agreed.

Wanda is already the world's biggest movie theater operator, controlling AMC Entertainment Holdings Inc, 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.

(Reporting by Shu Zhang and Matthew Miller; Editing by Kenneth Maxwell)