China’s Richest Man Purchases Hollywood Studio

China's Richest Man Purchases Hollywood Studio
LOS ANGELES, CA - SEPTEMBER 04: Board Chairman and President of Dalian Wanda Group Co., Ltd Wang Jianlin speaks at the Wanda and AMC press conference at AMC 15 Theatres on September 4, 2012 in Los Angeles, California. (Photo by Joe Scarnici/WireImage)

Hollywood studio has a new owner, billionaire Wang Jianlin of Dalian Wanda Group. The Legendary Entertainment includes recent box office hits like “Jurassic World” and “Interstellar.”

A former soldier who built a vast real estate and entertainment empire, Wang made waves in the U.S. film business in 2012 when his company bought the cinema chain AMC.

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He has since expressed his desire to add a Hollywood studio to his array of properties and boost Wanda’s global reach.
That goal was ticked off his list with the announcement of the $3.5 billion deal for Legendary. The privately held U.S. company’s movie roster includes “The Hangover” and the recent “Batman” series from director Christopher Nolan.
“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 U.S., the world’s two largest markets,” Wang said in a statement.

 

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Wanda is already the world’s largest cinema chain operator, produces movies in China and is building a 500-acre film industry park in the city of Qingdao.
Legendary also runs television, digital and comic businesses. Its chief executive, Thomas Tull, will stay in his role following the acquisition, Wanda said.

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