Dalian Wanda has paid $3.5 billion for Legendary Entertainment

China's richest man

Dalian Wanda, the property and media group controlled by Wang Jianlin, China’s richest man, has paid $3.5 billion for a controlling stake in Hollywood studio Legendary Entertainment, maker of the hit films Godzilla and Jurassic World. It is the biggest film deal yet for a Chinese company. Mr Wang has long been eyeing Hollywood both for its prestige and power and as a means of international diversification… China’s cinema market is growing rapidly. Its total box office increased by 49 per cent in 2015… generating $6.8 billion in revenues. The country is adding an average of 22 screens per day. If it continues to grow at its current rate, China is projected to overtake the US as the world’s largest film market by 2017… Recent openings of blockbuster Hollywood films in China have generated box office totals that rival openings in the US.

 

Charles Clover

Food4Brains

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