China’s richest man buys a major Hollywood studio

Wang Jianlin

Chinese billionaire Wang Jianlin has purchased Hollywood studio Legendary Entertainment. The studio’s recent box office hits include “Jurassic World” and “Interstellar.”

Wang is best known in the US for his 2012 purchase of cinema chain AMC.

Wang is the owner of Dalian Wanda Group, which acquired Legendary Entertainment for $3.5 billion.

Other movies from the privately held U.S. company include, “The Hangover” and the recent “Batman” series from director Christopher Nolan.

“The acquisition of Legendary will make Wanda Film Holdings Company the highest revenue-generating film company in the world, increasing Wanda’s presence in China and the U.S., the world’s two largest markets,” Wang said in a statement.

Wanda is already the largest cinema chain operator in the world. The company also produces movies in China and is in the process of building a 500-acre film industry park in the city of Qingdao.

CEO Thomas Tull will stay in his role following the acquisition, Wanda said.

Written by Jeff Springer

Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated. He can be reached at JeffSpringer@BusinessPundit.com