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China's Wanda Group buys US filmmaker Legendary for $3.5 bn
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CHINESE conglomerate Wanda Group is buying US film studio Legendary Entertainment, the maker of blockbusters Jurassic World and Godzilla, for $3.5 billion, it said in a statement Tuesday.
The deal was "China’s largest cross-border cultural acquisition to date", said the firm, which is headed by China's richest man Wang Jianlin.
"American movie companies have the commanding heights of the movie industry in the world," Wang told reporters in Beijing, adding the acquisition will "change this situation".
Legendary’s film productions have grossed more than $12 billion worldwide at the box office, according to the Wanda statement.
Wanda, founded by Wang, has its origins in commercial property but is diversifying into areas ranging from entertainment to e-commerce.
The Legendary deal is the latest in a string of overseas acquisitions by the firm, including the organiser of Ironman extreme endurance contests and Swiss sports marketing group Infront, while it also has a stake in Spanish football club Atletico Madrid.
Wang burst into the international spotlight in 2012 by buying US cinema chain AMC Entertainment for $2.6 billion and his company owns more than 200 malls, shopping complexes and luxury hotels across China.
The conglomerate said this week that its revenue surged nearly 20 percent in 2015, despite worsening economic conditions in its home market.
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