Legendary Entertainment Purchased By Chinese Conglom
Once again China is shaking up Hollywood. As first reported by Deadline, Dalian Wanda Group has acquired a majority stake in Legendary Entertainment. The deal is worth $3.5 billion and is the second major move for the Chinese conglomerate. In 2012, DWG purchased AMC Entertainment Holdings in a $2.6 billion deal.
Legendary Entertainment has been a major Hollywood player since its inception 16 years ago. Among the films to its credit are Pacific Rim (2013), Godzilla (2014) and Man of Steel (2013). Legendary founder and CEO Thomas Tull will remain in place as part of the transition. Moving forward, his role may be a little less certain.
“I certainly have a meaningful rooting stake in making sure that the company will be successful,” responded Tull when asked.