Wang Jianlin's property and investment firm Dalian Wanda Group announced it will buy a majority stake in the American movie studio, Legendary Entertainment. Fred Katayama reports.
China's richest man is playing a major role in Hollywood. Wang Jianlin's property and investment firm Dalian Wanda Group announced it will buy a majority stake in the American movie studio, Legendary Entertainment. The property giant is valuing the movie company at between $3 and $4 billion dollars. Launched in 2000, Legendary Entertainment has produced blockbuster hits such as "Jurassic World," "The Dark Knight" trilogy, and "The Hangover" film franchise. Founder and CEO Thomas Tull and management will retain ownership of a little less than half of the studio. Legendary generally provides half the financing for movies whose budgets can run up to $200 million or more. It also has an agreement with China Film Co, the largest and most influential film company in China, to co-produce movies. This is the Chinese developer's latest step in the movie business. In 2012, Dalian Wanda paid $2.6 billion to acquire AMC Entertainment, the second largest movie theater chain in North America.