China’s Wanda Establishes Global Film Division

MediaMation Chinese Theaters Wanda
Courtesy of MediaMation

China’s powerhouse Dalian Wanda group is to bring its disparate movie assets together in a new film holding company.

The unit is headed by Jack Gao, a former Microsoft executive who also spent time at News Corp. and sat on the board of directors at Bona Film Group, when News Corp. was a strategic investor in Bona. Gao has for the past several months been an investment advisor (Group VP and CEO of International Investments & Business Development) within Wanda.

Wanda Film Holding will include separately-listed Wanda Cinema Line (quoted on the Shenzhen Stock Exchange), AMC Entertainment (listed on the NYSE), as well as unlisted Chinese production and distribution business Wanda Media, the privately held Wanda Qingdao Studios complex which is due to open in April 2017, and Hoyts, the Australian cinema chain and distribution company that Wanda acquired earlier this year in a US$600 million deal.

Gao was a key Wanda negotiator in the Chinese giant’s recent $650 million acquisition of the Ironman contest organizer World Triathlon Corporation. WTC and the earlier acquisitions of sports marketing company Infront and a stake in Atletico Madrid will instead be grouped together under a new sport division.

Wanda, which has recently attracted controversy over its connections to the family of President Xi Jinping, has rapidly diversified from property development into entertainment and tourism. It is also set to take on China’s established Internet giants, by expanding its own e-commerce and Internet businesses.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 2

Leave a Reply


Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  1. mark mutch says:

    Need contact number for Wanda film holdings in the united States.

More Biz News from Variety