China’s Richest Man Eyes U.S. Film Studio

Wang Jianlin

Wang Jianlin

The studio behind blockbusters such as Godzilla and Pacific Rim, could soon be joining other cinematic assets in a bulging stable, as Wang Jianlin continues his acquisition drive into entertainment.

Dalian Wanda the diverse media and property group controlled by China's richest man is said to be in talks to buy a controlling share in U.S. film studio Legendary, which will offer the Chinese firm a place as a serious player in Hollywood.

According to reports in the media Legendary Entertainment studios is valued at about US$3 billion to US$4 billion.

A Vast Cinema Portfolio

Wang Jianlin could use his own vast cinema portfolio to distribute potential future movies made at Legendary via his Wanda Cinemas, a unit of Dalian Wanda group which is China’s largest private sector cinema operator with over 150 multiplexes in 80 cities.

Wang also owns North American cinema chain AMC Entertainment after a 2012 takeover and last year he bought the Australasian cinema chain Hoyts which operates around 450 cinemas in Australia and New Zealand.

China's Middle Class Expands

Wang Jianlin also owns a 20-percent stake in the Spanish soccer club Atletico de Madrid, his Dalian Wanda group purchased the Ironman triathlon event company for $650 million in August last year, and is the main sponsor of the Chinese Super Soccer League.

It is known that as China’s middle class expands Mr. Wang is keen on acquiring sports, entertainment and leisure assets to leverage into providing entertainment to that demographic.

Forbes currently shows Wang, 61, as the being worth $29 billion.

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