Legendary Entertainment acquired by China's Wanda Group for $3.5 billion
The Chinese real-estate and entertainment conglomerate Dalian Wanda Group has acquired the Hollywood production company Legendary Entertainment for $3.5 billion, the two companies announced Monday evening (Tuesday morning local time) in Beijing.
Legendary is known for producing high-profile genre movies like Jurassic World, Godzilla, and the Dark Knight trilogy, while Wanda is, among other things, the world’s largest cinema chain operator. The company owns AMC Entertainment and recently dipped a toe into financing Hollywood movies with Southpaw.
According to Wanda, the deal represents “China’s largest cross-border cultural acquisition to date.”
Wang Jianlin, chairman of Wanda Group, said in a statement that the company’s businesses “will encompass the full scope of film production, exhibition and distribution, enhancing Wanda’s core competitiveness and amplifying our voice in the global film market.”
Thomas Tull will remain on board as Legendary’s chairman and CEO and will continue to be responsible for its day-to-day operations.