BEIJING (AP) – Wanda Group announced Tuesday it is buying Hollywood’s Legendary Entertainment for $3.5 billion in the first Chinese acquisition of a major U.S. film company.
Wanda, whose chairman, Wang Jianlin, is one of Chinese richest businesspeople, has expanded rapidly into the film industry. It bought the U.S. cinema chain AMC in 2012 and is developing an $8 billion studio complex in eastern China.
New but cash-rich Chinese companies are on a buying spree abroad in industries from finance to yacht building for assets that can speed their development at home and help them expand in global markets.
With its latest acquisition, Wanda’s film businesses will include a full range of production, distribution and exhibition, Wang said in a statement. The company, headquartered in the northeastern port city of Dalian, also has interests in hotels, retailing and real estate.
Legendary’s productions include the “Batman” trilogy, “Inception” and “The Hangover.” The company says its movies have grossed more than $12 billion worldwide.