Chinese developer Dalian Wanda to acquire majority stake in Legendary Entertainment

Deal values the movie studio at between $3B and $4B: report
January 05, 2016 08:33AM

Dalian Wanda Group, one of China’s largest developers and owner of AMC Theaters, made another move into the Western media market.

The firm – headed by China’s richest man, Wang Jianlin – will buy a majority stake in Legendary Entertainment, the film studio behind such titles as “Jurassic World,” “The Dark Knight,” “Man of Steel,” and others.

The deal values the Burbank, Calif.-based company at between $3 billion and $4 billion, Reuters reported.

Wanda, which made about $38.8 billion in revenue in 2014, has bought a handful of Western real estate and media properties over the last few years.

As of June 2015, Wanda owned seven major real estate properties abroad, in London, Madrid, Los Angeles, Chicago and Sydney. It bought AMC Entertainment Holdings, which controls the second-largest theater chain in the U.S. in 2012 for $2.6 billion.

It also owns British yacht maker Sunseeker and Swiss sports marketing firm Infront Sports & media.

The firm doesn’t own any real estate properties in New York, and recently closed its only office here, at 1330 Sixth Avenue. [Reuters]Ariel Stulberg

Correction: AMC Entertainment Holdings is the second-largest theater chain in the United States, not the largest.