The Dalian Wanda Group – Sony alliance has been completed. Dalian Wanda, also known as Wanda Group, has increased its Hollywood presence through a partnership with Sony Hollywood. Dalian Wanda is a multinational Chinese corporation, and is the world’s largest private property developer and property owner.
It is also the largest cinema chain operator in the world with Wanda Cinemas. The group has also acquired the Australian Hoyts Group including the Hoyts cinema chain, the largest in Australia. It also has a majority interest in the American cinema group, AMC. The Dalian Wanda Group is run by Wang Jianlin, the richest man in China.
The deal enables Dalia Wanda to extend its scope for production investment. This includes co-financing impending high-profile releases by Sony in China. This is Wanda’s first Hollywood partnership involving multiple movies. The firm believes that the partnership will further strengthen its influence on the global movie business. It should also provide an example to Chinese producers with the will to invest out of China.
Previous to this arrangement, Chinese investment and involvement in major Hollywood studios were restricted to single movies only. It is also a good deal for Sony, who will be able to use Wanda’s huge physical and digital movie cinema network.
In January of this year, Wanda Group purchased a controlling share of Legendary Entertainment. This is Hollywood studio that made movies such as Godzilla, Jurassic World and the Dark Knight Batman series. The deal was said to be valued at $3.5 billion.
The Chinese film market is huge, and the Chinese love big blockbuster movies. Wanda Group will be seeking other collaborations with international firms. This is to meet the needs of its ‘worldwide entertainment strategy’ and its intention of establishing closer relationships with leading international media companies.
The Dalian Wanda Group – Sony deal is a win-win situation for both Sony and Wanda Group. The former gets exposure of its movies to a massive audience in China, while Wanda gets a further foothold in Hollywood.
Dalian Wanda Group has also agreed to purchase Carmike Cinemas in the USA, which, with its majority AMC holding, would make it the largest cinema operator in the USA. It has stated its intention to play up Chinese involvement in any films it is involved in.