China's richest man, Wang Jianlin, expands his media empire by buying Hollywood studio, Legendary Entertainment. Fred Katayama reports.
Meet Hollywood's new media mogu, Wang Jianlin, China's richest man. His conglomerate Dalian Wanda, is buying Legendary Entertainment for about $3.5 billion, becoming the first Chinese company to own a major Hollywood studio. Legendary has co-financed blockbuster movies such as "Jurassic World," "The Dark Knight" and "Godzilla." Wang says he's gobbling up the independent studio for its intellectual property and movies. It'll diversify his empire, which includes theme parks, film & TV production, cinemas, real estate, and a stake in Spanish soccer club Atletico Madrid. His company is already the world's largest movie theater operator, having bought AMC Entertainment in the U.S. and Hoyt's Group in Australia. Sidley Austin's media M&A attorney Dan Clivner said, "The deal reflects the emergence of China as the next generation of Hollywood investors and represents a shift from Japan." Not shifting: Legendary founder Thomas Tull. He will continue to head the studio. He says he doesn't plan to change content. His new boss says he'll combine Legendary with his movie production business and take that operation public.