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Dalian Wanda to Acquire Dick Clark Productions from Eldridge Industries for $1B

Dalian Wanda to Acquire Dick Clark Productions from Eldridge Industries for $1B

Dalian Wanda acquired a majority stake in Legendary Entertainment for $3.5 billion. Wanda has also partnered with Sony Pictures to market and co-finance some upcoming movie releases of Sony Corp’s film unit in China. In March, Wanda‘s AMC Entertainment (NYSE: AMC), acquired rival chain Carmike Cinemas for $1.1 billion, and in July it acquired London-based Odeon & UCI Cinemas Group, the largest theater exhibitor in Europe, from private equity firm Terra Firma, in a deal valued at £921 million. Wanda’s chairman Wang Jianlin, with a fortune worth over $30 billion, is the first mainland Chinese billionaire ranked within the Top 20 of Forbes Billionaires List. Wang, who hails from a poor background in inland Sichuan Province, is also said to be Asia’s richest man. Dalian Wanda Group was founded in 1988 and is engaged in three key business activities – commercial properties, culture, and finance. In 2015, its assets amounted to 634 billion yuan with revenue of 290.16 billion yuan. Wanda Commercial Properties is the world’s largest real estate enterprise and the biggest five-star hotel owner in the world. Wanda Cultural Industry Group, meanwhile, is the largest cultural enterprise in China, and the world’s largest cinema operator. It is also the world’s biggest sports company. Elsewhere, Wanda Financial Group is the largest internet finance enterprise in China. By 2020, Wanda Group aims to become a world class multinational corporation with assets of $200 billion, market capitalization of $200 billion, revenue of $100 billion and net profits of $10 billion. In a related Chinese-American entertainment industry move, last month, Steven Spielberg’s Amblin Partners and Alibaba Group’s (NYSE: BABA) film studio Alibaba Pictures (SEHK: 1060) (SGX: S91), said they have entered into a comprehensive strategic partnership to co-produce and finance films for global and Chinese audiences, as well as collaborate on the marketing, distribution and merchandising of Amblin Partners films in China. Wang Jianlin, Chairman of Dalian Wanda Group.]]>

Alibaba $BABA to Invest and Partner with Steven Spielberg's Amblin Partners

Alibaba $BABA to Invest and Partner with Steven Spielberg's Amblin Partners

Dalian Wanda acquired a majority stake in Legendary Entertainment for $3.5 billion. Wanda has also partnered with Sony Pictures to market and co-finance some upcoming movie releases of Sony Corp’s film unit in China. In March, Wanda‘s AMC Entertainment (NYSE: AMC), acquired rival chain Carmike Cinemas for $1.1 billion, and in July it acquired London-based Odeon & UCI Cinemas Group, the largest theater exhibitor in Europe, from private equity firm Terra Firma, in a deal valued at £921 million. Photo: Steven Spielberg and Jack Ma. (Courtesy of Alibaba Pictures)]]>

IDG-Everbright Acquire Shanghai Film Academy to Create Top Film & TV Platform

IDG-Everbright Acquire Shanghai Film Academy to Create Top Film & TV Platform

Legendary was acquired by Wanda Group. In 2011, IDG also initiated and sponsored “Looking China,” a program that teams foreign film students with students from Beijing Normal University’s Institute for International Communication of Chinese Culture to produce short documentaries about China. More than 300 film students from 35 countries participated in the program, and films produced there have won more than 40 international awards. IDG Capital has also invested in a number of feature-length films, including Turning Point 1977, Under the Hawthorn Tree, and My Old Classmate.]]>

@STXEnt Gets Large Chinese Capital Infusion From Tencent, PCCW

@STXEnt Gets Large Chinese Capital Infusion From Tencent, PCCW

Cheaper by the Dozen and The Pink Panther with Steve Martin, Big Daddy and The Waterboy with Adam Sandler, and This Means War with Academy Award-winning actress Reese Witherspoon and Tom Hardy. He also produced a number of profitable cult films, including The Wedding Singer, Joe Dirt, Half Baked, and Happy Gilmore. In March 2015, STX announced a deal with Chinese film production company Huayi Bros. to co-finance at least 18 films to be produced over a three-year period beginning in 2016, which would increase STX’s slate to 12 to 15 films annually through 2018. The board of directors of STX includes Frank Biondi, the former president and CEO of Viacom and former chairman and CEO of Universal Studios; Tony Vinciquerra, former chairman and CEO of Fox Networks Group; film producer Gigi Pritzker, founder of Odd Lot Entertainment; David Bonderman, founding partner of TPG; and John Zhao, CEO of Hony Capital. East West Bank chairman Dominic Ng will now join the company’s board too.]]>