Wanda Buys Legendary Pictures To Battle Disney

Variety: China’s Wanda Acquires Legendary Entertainment for $3.5 Billion
“Legendary’s products are indeed legendary and will certainly boost our tourism and cultural businesses.” said Wang. “We have much to learn. The Chinese film industry is 30-50 years behind that of the U.S.”

“Wanda already has an important position in the Chinese film industry, but we need a global position. Maybe we will acquire a larger company [in Hollywood],” said Wang. He said that Wanda has eyed acquisitions in Europe, but said that asking prices are too high. “We will wait.”

“For this deal to happen Thomas Tull, who is a major shareholder in Legendary, needed to trust us. We plan some IPOs for our film businesses. it is a great time for him to join us.”
China is interested in building a film industry for soft power, but really it's about money now. Hollywood movies earn huge profits and Chinese blockbuster movies really stink. Even the CGI is bad. On the other side is a couple thousand years of history and culture to draw from. It is telling that the two most popular stories of "Journey to the West" are a low budget 80s TV show and Stephen Chow's slapstick interpretation.

EO: 王健林:并购美国传奇影业背后的战略思考,绝不在电影本身
Wang Jianlin said, the legendary company has many IP intellectual property, many large and epic are the company's mergers and acquisitions worth it, not that the movie itself. "A lot of people think that ran Wanda movie, in fact, see a more long-term Wanda. Wanda is a full-enter the film industry, Legendary Pictures thousands of IP intellectual property rights, the future will become a huge children's entertainment industry or the tourism industry life, realize the continuation of film products, which we acquired Legendary Pictures is an important consideration. Legendary film made by the company we have found, essentially for IP products animation products, the company has this feature, so with Wanda Industry chain is very consistent, the first point is to increase M & A legendary Wanda synergies, which we consider. "

Second, increase the Wanda Group in the global film industry the right to speak.

Although Wanda in Chinese cinema has had a great voice, but Wang Jianlin, it seems not enough. "Film is a global market, we must fight for our right to speak in the global film market, and now movie voice of the global market is basically in control of several major US companies, who rely on this pattern change, it is to rely on us a little bit to change. Maybe in the near future, we might put a so-called large entertainment company, and even the Entertainment Group acquired, this thing is entirely possible, is to increase our voice in the global film industry."

...Wanda's business landscape through overseas acquisitions, Wang Jianlin, Wanda is rapidly build a global distribution of cultural industries. Early in 2012, Wanda Group to spend $ 3.1 billion acquisition of 100% stake in the second largest US cinema operator AMC; and in 2015, 2.246 billion yuan Wanda Cinema Youyi wholly-owned acquisition of Australia's second-largest cinema company Hoyts.

The acquisition Legendary Pictures, Wanda whereby in addition to Hollywood filmmaking industry, but is Wanda cultural tourism industry overall layout. Large IP resources Legendary Pictures can help Wanda's tourism, children's entertainment and many other formats of the joint development, create more brand awareness theme parks, movies, parks and other. Wang Jianlin had publicly that means, "it is to compete with Disney."

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