Aussie cinemas deal sealed
Print Edition
WANDA Cinema Line Corp, a unit of China’s leading property developer Dalian Wanda Group, said it would buy Australian cinema chain Hoyts Group, a purchase that underscores its parent’s ambitions to become a global entertainment company.
Wanda Cinema did not say how much it would pay for Hoyts in a filing yesterday.
In December, Chinese businessman Sun Xishuang, a major shareholder in Dalian Wanda Commercial Properties Co and a friend of Wanda Group Chairman Wang Jianlin, bought Hoyts from private equity fund Pacific Equity Partners for an undisclosed sum.
Hoyts runs 450 cinema screens in Australia. Wanda Cinema operates China’s biggest theater chain, with over 150 cinemas in more than 80 cities.
The deal is the latest push by Dalian Wanda into entertainment.
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