Billionaire Wang Jianlin, Asia’s richest man, plans to fold Legendary Entertainment and his Chinese film-making unit under Wanda Cinema Line Co. as part of a reorganization of the tycoon’s film-related businesses.
The movie-theater operator, part of Wang’s main Dalian Wanda Group Co., will sell new shares to buy "Godzilla"-producer Legendary and Wanda Pictures, Wanda Cinema said in a statement in Shenzhen on Thursday.
The statement didn’t provide financial details, nor did it say when share trading of Wanda Cinema, which has been halted since late February, will resume.
The move is the latest in what’s already been a busy deal-making year for Wang, who’s also seeking to privatize his Hong Kong-listed property unit. The reorganization also comes as Wang seeks to expand his burgeoning global entertainment empire.