Wanda Scraps $5.6 Billion Reorganization of Entertainment Assets

Billionaire Wang Jianlin’s Dalian Wanda Group Co. shelved a $5.6 billion reorganization of its entertainment assets, saying the plan was premature and that market conditions had changed.

In May, Wanda Cinema Line Co. said it would buy Legendary Entertainment and Chinese film-making assets from the parent group for 37.2 billion yuan ($5.6 billion). On Monday, Wanda Cinema said in a statement in Shenzhen that the deal wouldn’t be in the best interest of minority investors. The company may reconsider the restructuring plan after this year, it said.