The Chinese giant Wanda signed a deal to buy 3,500 million by the Hollywood studio Legendary Entertainment, producer of films like Jurassic World and Godzilla, test the ambitions of its owner Wang Jianlin, first fortune in China.
The Chinese giant Wanda Tuesday signed an agreement to purchase 3,500 billion by the Hollywood studio Legendary Entertainment, producer of films like Jurassic World and Godzilla, test the ambitions of its owner Wang Jianlin, first fortune in China.
The deal represents “the largest international acquisition of China in the field of culture so far,” said Wanda in a statement.
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“American film companies lead the global film industry,” he told reporters in Beijing Wang , 61, for whom this purchase will “change this situation.”
“I think it’s a miracle for a Chinese company to buy such a large and powerful US corporation,” added the businessman.
Wang Jianlin rejected the idea that this purchase, which some weeks after the acquisition of the Hong Kong newspaper South China Morning Post by Chinese e-commerce giant, Alibaba- aims to strengthen cultural influence . Beijing
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“The” soft power “(soft power) the government belongs to another level,” he said during signing the agreement, along with Thomas Tull, chairman of Legendary. “I focus mainly on commercial interests.”
The films produced by Legendary generated more than 12,000 million dollars in box office sales worldwide, the statement said Wanda. This is especially great action films such as budget or the Pacific Rim Batman- trilogy that really like in China.
diversification strategy
Wanda owns more than 200 shopping centers , cinemas and luxury hotels across China.
The Chinese group, initially specializing in real estate, diversified in recent years in the film and, more recently, in sports, to hit multiple purchases , especially abroad.
The Legendary acquisition takes place after the purchase of the company that organizes Ironman extreme endurance races, the Swiss sports marketing group Infront or 20% of the Spanish football club Atletico Madrid.
Wanda and began to settle in the world of film production after winning in 2012 with the American chain AMC Entertainment for 2,600 million dollars.
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The Chinese conglomerate said Monday that he registered in 2015 an increase of almost 20% of its turnover, although degradation of the situation and the stagnant real estate sector.
Wang, former soldier and son of a Chinese Red Army captain, Wanda founded in the 80s, making the company reign in military discipline.
His fortune makes him the 15th richest person in the world, according to a Bloomberg ranking, which evaluated 31,000 billion in its assets.
In October, Wang Jianlin confirmed that the brother of President Xi Jinping had owned and then sold shares of his company. Wang is regularly accused by his detractors of using his political ties to grow your business.
official censorship system
The current president of Legendary Thomas Tull remain in office after the purchase, said Wanda in his statement.
Only 34 foreign films can be broadcast each year in theaters in mainland China, due to a quota system applied by Beijing.
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But Wang Jianlin has promised Legendary films, considered from now as Sino-US co-productions, ne would be affected.
All films broadcast in China are subject to official censorship system, which removes any political content or sexually delicate.
ERP
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