The Dalian Wanda Group, a Chinese real estate and investment conglomerate, announced plans to acquire Legendary Entertainment, an American media company based in California, for $3.5 billion in January. The U.S. Department of Commerce gave Wanda the green light to go ahead with the deal in February. The deal has won high acclaim domestically, with many regarding it as a sign of the increasing presence of Chinese capital in Hollywood.
As a matter of fact, Chinese companies have been investing in Hollywood for several years. Since 2010, a variety of enterprises, including the Shanghai Fosun International, China Media Capital, Huayi Brothers Media Corp., and Hunan TV’s wholly owned subsidiary TIK Films, have collaborated with Hollywood through stock purchases, film co-productions and joint film promotions.
The acquisition of Legendary by Wanda…
