Wanda Acquires Legendary Entertainment for $3.5 Billion

BEIJING: The Dalian Wanda Group is merging with Legendary Entertainment, which it acquired for around $3.5 billion in cash, marking China’s largest cross-border cultural acquisition to date.

Thomas Tull will remain as chairman and CEO of Legendary and will continue to be responsible for its day-to-day operations. He will significantly participate in the success of the company with Wanda. Following the acquisition, Wanda will help Legendary increase its market opportunities, particularly in China.

Tull commented, “I am honored to be a part of the Wanda family. Together, Wanda and Legendary will create a completely new international entertainment company. There is an ever growing demand for quality entertainment content worldwide, particularly in China, and we will combine our respective strengths to bring an even better entertainment experience to the world’s audiences.”

Wang Jianlin, the chairman of Wanda Group, said of the deal. “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. Wanda’s businesses will encompass the full scope of film production, exhibition and distribution, enhancing Wanda’s core competitiveness and amplifying our voice in the global film market.”