Billionaire Wang’s Wanda Cinema Buys Mtime.Com for $280 MillionBloomberg News
Company says it will keep brand after cash deal: statement
Wanda bought Legendary Entertainment for $3.5b this year
Billionaire Wang Jianlin’s Wanda Cinema Line Co. will buy a Chinese website that provides news on the film industry and sells movie tickets, as the tycoon expands his entertainment-related business.
The movie-theater operator will buy Mtime.Com and all its operational entities for $280 million in cash, Wanda Cinema said in a statement to the Shenzhen stock exchange on Wednesday. The company will keep the brand and operational team of the website and forge it into an “international” film marketing website, it added.
The deal comes as Wang, who owns and operates a chain of cinemas in China through Wanda Cinema Line, builds his entertainment business as he braces for a slump in his main property business. In January, Wang bought “Godzilla” producer Legendary Entertainment for $3.5 billion, becoming the first Chinese person to control a major Hollywood film company.
His AMC Entertainment Holdings Inc. has offered $1.2 billion to take over Carmike Cinemas Inc. in a deal that would create the world’s largest cinema chain. AMC agreed earlier this month to acquire U.K. cinema chain Odeon & UCI Cinemas Group for $1.2 billion.
— With assistance by Emma Dong