January 2016, Business
Wanda Group, said that it is buying Hollywood’s Legendary Entertainment, the maker of films such as Batman, for $3.5 billion in the first Chinese acquisition of a major U.S. film company.
Wanda, whose chairman, Wang Jianlin, is one of China’s richest businesspeople, has expanded rapidly into the film industry. It bought the U.S. cinema chain AMC in 2012 and is developing an $8 billion studio complex in eastern China.
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, headquartered in the northeastern port city of Dalian, also has interests in hotels, retailing and real estate.