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Business

China's Wanda buys Hollywood's Legendary Entertainment

China's affluent Wanda Group has confirmed it's planning to buy a controlling stake in US film studio Legendary Entertainment. The move will mean the largest Chinese acquisition in Hollywood so far.

China's property and entertainment conglomerate Wanda Group confirmed Tuesday it was buying Hollywood's Legendary Entertainment, which produced blockbusters such as "Jurassic World", the Batman "Dark Knight" trilogy and "Inception." It added it would spend $3.5 billion (3.2 billion euros) on the transaction.

Wanda is controlled by Wang Jianlin, considered to be

the richest man in China. Jianlin is said to be looking to diversify his business empire overseas.

Wanda has already greatly expanded its entertainment holdings in recent years. It's the world's biggest cinema operator after buying America's second-largest cinema chain, AMC Entertainment, in 2012.video#

Booming business

Under the agreement announced Tuesday, Legendary's founder and CEO, Thomas Tull, will continue to head the movie maker.

The deal to secure a majority stake in Legendary Entertainment comes as Wanda Group attempts to shift away from its core, but slowing domestic property operations.

Wanda Group said its revenues rose by 19 percent last year with spectacular deals to buy into everything from financial services to Spanish soccer club Atletico Madrid.

hg/bea,cjc (dpa, Reuters)

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