Chinese media corporation Wanda Group intends to expand its presence in the US market by acquiring several new assets related to the entertainment industry, primarily cinema. This is reported by The Hollywood Reporter. It has not yet been specified which companies are involved.
Note that a division of Wanda Film Holding Co. showed steady profits in 2017, despite the general stagnation in the Chinese movie market. It owns the Hollywood movie studio Legendary Entertainment, as well as large Chinese cinema chains. The parent company owns many assets around the world, including North America. Thus, the Wanda Group owns the American company AMC Entertainment Inc. owning a network of cinema halls of the same name, as well as the European Odeon & UCI Cinemas.
In 2016, Wanda announced the construction of the world's largest studio complex, Qingdao Movie Metropolis, which will offer Hollywood movie studios an unprecedented program of discounts that can reach 40 percent of the production budget. The first project to be movieed at the studio will be the fantasy movie Pacific Rim 2.
The Topic of Article: China's Wanda Group intends to buy new Hollywood assets.