The Strategist

Chinese Dalian Wanda Acquired Legendary Studio For $ 3.5 billion

01/12/2016 - 14:04

The Chinese company Dalian Wanda Group has acquired the Hollywood film studio Legendary Entertainment for $ 3.5 billion, reports AP. It is noted that the chairman of the conglomerate Wang Jianlin is the richest man in China. His fortune is estimated at more than $ 24 billion. The company will own both Legendary’s intellectual property rights, and its movies.

Fortune Global Forum 2013 via flickr
Fortune Global Forum 2013 via flickr
At a press conference in Beijing, Wang Jianlin said that he has acquired the production company, author of blockbusters such as "Jurassic Park" to obtain intellectual property rights in the studio and its own films. The billionaire said that the studio will be combined with its movie assets in China. Then, the merged company will be put for an IPO.

Dalian Wanda Group is already the largest cinema operator in the world. In 2012, it acquired the second largest among US cinema chain AMC Entertainment Holdings Inc. for $ 2.6 billion. The Group also owns the Australian theater group The Hoyts Group, and is the largest cinema operator in China.

The production company Legendary Pictures was founded in 2000. During fifteen years of its existence, it produced blockbusters such as "300," "Batman Begins," "Interstellar" and "Jurassic World".

61-year-old Wang Jianlin has been in business since the late 1980s. Before that, he served in the Army and was an officer. He currently supervises the diversified holding company Dalian Wanda Group. Having earned $ 30 billion, he became the leader of the richest Chinese people ranking, made up by Forbes in 2015. Previously, Wang Jianlin, already acquired one of the sports marketing leaders Infront Sports & Media and a major stake in football club "Atletico", continued expansion in the world of sport. Owned by the businessman Dalian Wanda Group has made one of the largest deals of the year in the industry. The company bought World Triathlon Corporation (WTC), organizing triathlon tournaments branded Ironman. The purchase price was $ 650 million excluding WTC’s debt.   

source: AP