China’s richest man buys Hollywood studio Legendary for $3.5 billion
Chinese conglomerate Dalian Wanda Group has bought U.S. film studio Legendary Entertainment for about $3.5 billion, turning its chairman into a Hollywood movie mogul as China's richest man steps up a drive to diversify his business empire overseas.
At a news conference in Beijing on Tuesday, Wanda Chairman Wang Jianlin said he plans to package Legendary, behind hits like "Jurassic World", with existing movie production assets in China and sell shares in the merged operation in an initial public offering (IPO).
The move makes Wanda the first Chinese firm to own a major Hollywood studio - a sign of the country's growing power in the global movie world, industry watchers said.
"Wanda Cinema already has made tremendous development in China, but it isn't enough," said Wang, whose personal ...