Chinese conglomerate to buy stake in Hollywood studio: reports

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Wang Jianlin, chairman of property giant Wanda Group

 

Chinese powerhouse Dalian Wanda is reportedly in talks to buy a controlling stake in US film studio Legendary, providing the Communist Party-linked company with a key anchor in Hollywood.

The media and property group controlled by China’s richest man Wang Jianlin is in advanced stages to buy the studio behind blockbusters “Godzilla” and “Pacific Rim”, according to reports Tuesday in the New York Times and Financial Times newspapers.

Wang burst into the international spotlight in 2012 when he bought major US cinema chain AMC Entertainment for $2.6 billion. In China, Dalian Wanda owns more than 200 malls, shopping complexes, luxury hotels and the country’s largest cinema chain.

The son of a Communist Red Army captain, Wang was a soldier before he founded Wanda in the 1980s, building it up with military discipline.

In October, Wang confirmed that Chinese President Xi Jinping’s brother-in-law owned shares in one of the business mogul’s firms, after allegations that political connections helped Wanda Group continued to surface.

Full article: Chinese conglomerate to buy stake in Hollywood studio: reports (Yahoo!)

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