China’s Wanda buys Legendary Entertainment for $3.5 billion

This is bigger: it was announced today that the China-based Dalian Wanda Group Co., Ltd. has acquired Legendary Entertainment for a whopping $3.5 billion, making this China’s largest cross-border cultural acquisition in history.

Wanda is already the world’s biggest movie theater operator, controlling AMC Entertainment Holdings Inc, North America’s second-largest cinema chain, and Australian movie theater company Hoyt’s Group.

New but cash-rich Chinese companies are on a buying spree overseas in industries from finance to yacht building for assets that can speed their development at home and help them expand in global 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”.

The group also has interests in property, retail and hotels. Legendary has delivered numerous world’s blockbusters, including the Batman trilogy, Inception, The Hangover, Jurassic World, 300: Rise of an Empire, Pacific Rim, Man of Steel, and more.

That goal was ticked off his list Tuesday with the announcement of the $3.5 billion deal for Legendary.

The company said revenue was 290.16 billion yuan ($44 billion) past year, up 19.1 percent from 2014, according to a statement released late Sunday.

Wang, 62, ranked as China’s richest businessperson a year ago, with a net worth of $34 billion, according to the Hurun Report, which follows China’s wealthy.

Wanda said Legendary’s Thomas Tull would remain chairman and chief executive, with responsibility for day-to-day operations.

Tull, the founder of Legendary, will continue in his posts after the purchase, Wanda said in a statement.