Wanda Cinema to Buy Legendary, Film Affiliates for $5.7 Billionby
Billionaire Wang Jianlin’s Wanda Cinema Line Co. will buy affiliates Legendary Entertainment and other film-making assets for 37.2 billion yuan ($5.7 billion) as the Chinese tycoon consolidates his entertainment-related businesses.
The movie-theater operator will buy the assets from parent Dalian Wanda Group Co., Wanda Cinema said in a statement in Shenzhen late Thursday. Separately, the company said it will raise as much as 8 billion yuan via a private placement to fund future investments.
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 with his AMC Entertainment Holdings Inc. unit said to be preparing to bid for Europe’s Odeon & UCI Cinemas Group.
Wanda Cinema has been halted from trading since late February, pending the reorganization. The company flagged the reorganization last month, though it didn’t provide financial details then.