{"id":189792,"date":"2016-01-06T20:45:57","date_gmt":"2016-01-07T04:45:57","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=189792"},"modified":"2021-09-14T20:37:02","modified_gmt":"2021-09-15T03:37:02","slug":"dalian-wanda-sets-its-sights-on-hollywood","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2016\/01\/dalian-wanda-sets-its-sights-on-hollywood\/","title":{"rendered":"Dalian Wanda Sets Its Sights on Hollywood"},"content":{"rendered":"<p>China&#8217;s real estate and investment firm Dalian Wanda Group, which controls AMC Entertainment Holdings Inc. and is the largest cinema chain operator in the world, <strong><a href=\"http:\/\/www.wsj.com\/articles\/chinas-dalian-wanda-sets-sights-on-hollywood-with-legendary-deal-1451996860?cb=logged0.45159702305682003\">is close to finishing\u00a0a deal to acquire a majority stake in Legendary Entertainment<\/a><\/strong>, a Hollywood production company currently valued at $4 billion. The pending deal is the latest development in <a href=\"http:\/\/chinadigitaltimes.net\/2015\/10\/the-deepening-china-hollywood-connection\/\">a rapidly evolving China-Hollywood connection<\/a>. Laurie Burkitt and Ben Fritz at The Wall Street Journal report:<\/p>\n<blockquote><p>Chinese real-estate and entertainment conglomerate Dalian Wanda Group Co. is moving toward completing a deal for a majority stake in Legendary Entertainment that would value the U.S. film and television company at nearly $4 billion, according to people close to the transaction. A deal\u2019s announcement could come as early as next week in China, one of those people said.<\/p>\n<p>If completed, a deal would make Wanda the first Chinese owner of a major Hollywood production and finance company and move China closer to its goal of becoming a global film powerhouse. It also shows Wanda\u2019s broader ambitions amid a Chinese rush to grab entertainment content to show to quickly growing audiences at the movies and online.<\/p>\n<p>A deal would demonstrate \u201cthe Chinese film industry\u2019s growing resource and clout,\u201d said Rance Pow, founder of Asian film-industry consulting company Artisan Gateway. \u201cIt would be precedent-setting,\u201d Mr. Pow added. [<strong><a href=\"http:\/\/www.wsj.com\/articles\/chinas-dalian-wanda-sets-sights-on-hollywood-with-legendary-deal-1451996860?cb=logged0.45159702305682003\">Source<\/a><\/strong>]<\/p><\/blockquote>\n<p>The acquisition of Legendary Entertainment is <strong><a href=\"http:\/\/www.nytimes.com\/2016\/01\/06\/business\/dealbook\/dalian-wanda-legendary-entertainment.html?_r=1\">a part of Wanda&#8217;s broader plans to expand overseas and position itself as a global entertainment giant<\/a><\/strong>. At The New York Times, Brooks Barnes and Michael Forsythe explain why the deal is beneficial for both sides:<\/p>\n<blockquote>\n<p class=\"story-body-text story-content\">Industry experts say the deal makes sense for both Wanda and Legendary, which tends to produce the type of big-budget, special-effects-driven movies that Chinese audiences like. In addition to owning AMC, Wanda controls the biggest cinema chain in China, where box-office receipts are set to eclipse the North American market in coming years. Wanda, a company owned by Wang Jianlin, China\u2019s richest man, can provide Mr. Tull with money, a growing audience and a champion in China that can get more of his films into the tightly controlled market.<\/p>\n<p id=\"story-continues-4\" class=\"story-body-text story-content\">\u201cWanda represents a good source of funding for him,\u201d Peter Schloss, managing partner of CastleHill Partners, a merchant bank specializing in the media and sports industries, said by telephone from Beijing. \u201cWanda likes the deal because it segues into the approach that they are using to build themselves into a multifaceted entertainment conglomerate.\u201d<\/p>\n<p class=\"story-body-text story-content\">[&#8230;]\u00a0Wanda\u2019s investment also makes sense politically for its chairman, Mr. Wang, a former military officer who is carrying out the Communist Party\u2019s goal of deepening China\u2019s influence in the global entertainment industry. As many of China\u2019s most powerful families, including relatives of President Xi Jinping, have bought shares in Wanda, the Legendary purchase furthers Mr. Wang\u2019s importance to the country\u2019s political elite at a time when some of the country\u2019s richest businessmen are falling victim to Mr. Xi\u2019s anticorruption campaign, now entering its fourth year. [<strong><a href=\"http:\/\/www.nytimes.com\/2016\/01\/06\/business\/dealbook\/dalian-wanda-legendary-entertainment.html?_r=1\">Source<\/a><\/strong>]<\/p>\n<\/blockquote>\n<p>The deal between Wanda and Legendary Entertainment <strong><a href=\"http:\/\/www.hollywoodreporter.com\/news\/will-be-chinas-big-year-852175\">could potentially prompt Alibaba&#8217;s Jack Ma to make a similar acquisition<\/a><\/strong>, reports Patrick\u00a0Brzeski at The Hollywood Reporter:<\/p>\n<blockquote><p>Ever since late 2014, when Ma announced his ambition for Alibaba to become the &#8220;world&#8217;s biggest entertainment company,&#8221; the e-commerce giant has been kicking the tires on every major studio and Hollywood independent. He met with executives at Lionsgate, Disney, Paramount, Warner Bros., Sony and Universal that year to secure distribution rights and possible investments.<\/p>\n<p>Most recently, there have been rumors of a possible investment in Paramount, following Alibaba&#8217;s financing of\u00a0<em>Mission Impossible \u2014 Rogue Nation<\/em> last year. The film made $137 million in China, in part helped by a strong marketing effort by Alibaba.<\/p>\n<p>&#8220;When there&#8217;s smoke, there&#8217;s usually fire, but given the Redstone family issues, I believe it&#8217;s unlikely for Alibaba to buy into Paramount,&#8221; says Peter Schloss, CEO of CastleHill Partners, a Beijing-based merchant bank specializing in media and sports industries.\u00a0&#8220;I do, however, believe Alibaba and Jack Ma will eventually make a move on a studio or independent, so Wang Jianlin doesn&#8217;t steal their thunder.&#8221; [<strong><a href=\"http:\/\/www.hollywoodreporter.com\/news\/will-be-chinas-big-year-852175\">Source<\/a><\/strong>]<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s real estate and investment firm Dalian Wanda Group, which controls AMC Entertainment Holdings Inc. and is the largest cinema chain operator in the world, is close to finishing\u00a0a deal to acquire a majority stake in Legendary Entertainment, a Hollywood production company currently valued at $4 billion. The pending deal is the latest development in [&hellip;]<\/p>\n","protected":false},"author":1088,"featured_media":189801,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[116,2,14744,14745,14746,5],"tags":[15439,3970,646,1888,1706,1982,168,15280],"class_list":["post-189792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","category-economy","category-level-2-article","category-level-3-article","category-level-4-article","category-society","tag-chinese-investment","tag-cinema","tag-film","tag-film-industry","tag-hollywood","tag-jack-ma","tag-soft-power","tag-wanda-group","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dalian Wanda Sets Its Sights on Hollywood<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2016\/01\/dalian-wanda-sets-its-sights-on-hollywood\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dalian Wanda Sets Its Sights on Hollywood\" \/>\n<meta property=\"og:description\" content=\"China&#8217;s real estate and investment firm Dalian Wanda Group, which controls AMC Entertainment Holdings Inc. and is the largest cinema chain operator in the world, is close to finishing\u00a0a deal to acquire a majority stake in Legendary Entertainment, a Hollywood production company currently valued at $4 billion. The pending deal is the latest development in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"http:\/\/chinadigitaltimes.net\/2016\/01\/dalian-wanda-sets-its-sights-on-hollywood\/\" \/>\n<meta property=\"og:site_name\" content=\"China Digital Times (CDT)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ChinaDigitalTimes\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-07T04:45:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-15T03:37:02+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2016\/01\/btm.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"959\" \/>\n\t<meta property=\"og:image:height\" content=\"639\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Grace\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cdt\" \/>\n<meta name=\"twitter:site\" content=\"@cdt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Grace\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\/\/chinadigitaltimes.net\/2016\/01\/dalian-wanda-sets-its-sights-on-hollywood\/#article\",\"isPartOf\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2016\/01\/dalian-wanda-sets-its-sights-on-hollywood\/\"},\"author\":{\"name\":\"Grace\",\"@id\":\"https:\/\/chinadigitaltimes.net\/#\/schema\/person\/c528efa816f4f8e766bc112a5d478256\"},\"headline\":\"Dalian Wanda Sets Its Sights on Hollywood\",\"datePublished\":\"2016-01-07T04:45:57+00:00\",\"dateModified\":\"2021-09-15T03:37:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2016\/01\/dalian-wanda-sets-its-sights-on-hollywood\/\"},\"wordCount\":689,\"publisher\":{\"@id\":\"https:\/\/chinadigitaltimes.net\/#organization\"},\"image\":{\"@id\":\"http:\/\/chinadigitaltimes.net\/2016\/01\/dalian-wanda-sets-its-sights-on-hollywood\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2016\/01\/btm.jpg\",\"keywords\":[\"Chinese investment\",\"cinema\",\"film\",\"film industry\",\"hollywood\",\"jack ma\",\"soft power\",\"Wanda Group\"],\"articleSection\":[\"China &amp; 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