One of the biggest companies in China, the Dalian Wanda Group, is set to buy a majority stake in Legendary Entertainment. The Dalian Wanda Group is the owner of AMC Theatre. The firm is headed and controlled by Wang Jianlin, who is known as the richest man in China.
According to the Reuters, the value of Legendary Entertainment is around $3 billion and $4 billion as shared by an expert in the said matter. This action taken by the Wanda Group is part of their expand in the Western media market. This has been the company's next big step after they acquired the AMC Entertainment Holdings for $2.6 billion back in 2012. AMC Theatre is reportedly the second largest theatre chain in North America.
It has been reported that Jianlin earns "a little more than the half" of Legendary Entertainment. While Legendary founder and Chief Executive Officer Thomas Tull and the rest of its board own the remaining share of the company.
Meanwhile, other investors of Legendary which includes Japan's telecommunication conglomerate SoftBank Group Corp (9984.T) as well as Waddell & Reed Inc., an investment firm agreed to sell their shares in the company.
According to The Real Deal, Legendary Entertainment is much known for its top grossing films namely, "Jurassic World," "The Dark Knight," "Man of Steel," the 2014 remake of "Godzilla" and the popular "The Hangover" film franchise.
The Wanda Group's total revenue in 2014 was $38.8 billion. It has been known that the company bought a lot in Western real estate and media properties the past few years. And as of June 2015, the company already owned seven major real estate properties in London, Madrid, Los Angeles, Chicago and Sydney. It seems like the Chinese company wants to expand its success in the international market as well.
