×
You will be redirected back to your article in seconds

Wanda Movie, Studio Units to Receive $384 Million Investment From Oceanwide

Wanda Pictures, a film subsidiary of China’s property to entertainment conglomerate Dalian Wanda, is to enjoy a $163 million (RMB1.06 billion) capital injection from Oceanwide Holdings, a property to Internet group.

That will give Oceanwide 6.61% of Wanda Pictures, according to documents filed by Oceanwide, which is listed in Shenzhen.

Documents circulated last month in financial circles showed Wanda was seeking $1.5 billion of outside investment in Wanda Pictures ahead of an IPO or backdoor stock listing that would value Wanda Pictures at $5.37 billion (RMB35 billion) on flotation.

Dalian Wanda announced the $3.5 billion acquisition of “The Dark Knight” producer Legendary Entertainment. That deal may still need regulatory approvals. When the takeover is completed, Legendary appears on course to be injected into Wanda Pictures and provide most of its value.

Oceanwide will also invest $221 million (RMB1.44 billion) in Qingdao Wanda Pictures, the Wanda unit that is currently constructing a massive studio and facilities complex in the coastal city of Qingdao. That sum buys Oceanwide 7.59% of Qingdao and implies a $2.91 billion valuation for the studio cluster.

It is not clear whether Wanda is also seeking a share listing for the Qingdao operations, or, whether selling off a piece of the business is another example of Wanda’s “asset light” policy, which reduces Wanda’s capital commitments to its own projects.

Dalian Wanda is privately controlled and largely held by Wang Jianlin, reported to be China’s richest tycoon. Its Chinese and Australian cinemas business Wanda Cinema Line is already listed in China, while Wanda Commercial Properties is listed in Hong Kong.

In a separate development, Wanda Cinema Line announced that the current suspension of its shares could be extended until early April. The company said that it was planning a substantial structural reorganization. At the end of February, it asked for a suspension pending an acquisition that has still not been disclosed.

It is unclear whether the possible acquisition or the proposed reorganization are related to Wanda’s North American theaters business. While Wanda Cinema Line shares have been suspended, the Dalian Wanda-controlled AMC Entertainment proposed to buy Carmike Cinemas for $1.1 billion.

More Film

  • 'The Dirt' Review: A Mötley Crüe

    Film Review: 'The Dirt'

    A long time ago, the words sex, drugs, and rock ‘n’ roll carried a hint of danger. The lifestyle did, too, but I’m talking about the phrase. It used to sound cool (back around the time the word “cool” sounded cool). But sex, drugs, and rock ‘n’ roll has long since passed into the realm [...]

  • James Newton Howard Danny Elfman

    New Trend in Concert Halls: Original Music by Movie Composers — No Film Required

    Movie and TV composers are in greater demand than ever for, surprisingly, new music for the concert hall. For decades, concert commissions for film composers were few and far between. The increasing popularity of John Williams’ film music, and his visibility as conductor of the Boston Pops in the 1980s and ’90s, led to his [...]

  • Idris Elba Netflix 'Turn Up Charlie'

    Idris Elba in Talks to Join Andy Serkis in 'Mouse Guard'

    Idris Elba is in negotiations to join Andy Serkis and Thomas Brodie-Sangster in Fox’s fantasy-action movie “Mouse Guard” with “Maze Runner’s” Wes Ball directing. Fox is planning a live-action movie through performance capture technology employed in the “Planet of the Apes” films, in which Serkis starred as the ape leader Caesar. David Peterson created, wrote, [...]

  • Zac Efron Amanda Seyfried

    Zac Efron, Amanda Seyfried Join Animated Scooby-Doo Film as Fred and Daphne

    Zac Efron has signed on to voice Fred Jones while Amanda Seyfried will voice Daphne Blake in Warner Bros.’ animated Scooby-Doo feature film “Scoob.” It was revealed earlier this month that Will Forte had been set to voice Norville “Shaggy” Rogers, while Gina Rodriguez would be voicing Velma Dinkley. The mystery-solving teens and their talking [...]

  • 'Staff Only' Review: Cultures And Values

    Film Review: 'Staff Only'

    Marta (Elena Andrada) is 17, from Barcelona and alternately bored and mortified to be on a Christmas vacation to Senegal with her estranged dad, Manel (Sergi López), and annoying little brother, Bruno (Ian Samsó). For her, the freedoms of imminent adulthood, such as the occasional poolside mojito, are tantalizing close but still technically forbidden, rather [...]

  • Rocketman

    Candid 'Rocketman' Dares to Show Elton John as 'Vulnerable,' 'Damaged,' 'Ugly'

    Elton John movie “Rocketman” dares to portray the singer’s personality early in his career to have been, at times, “ugly,” Taron Egerton – who plays the pop star – told an audience at London’s Abbey Road Studios Friday, following a screening of 15 minutes of footage from the film. It is a candid portrayal, showing [...]

  • Ben Affleck

    Ben Affleck's Addiction Drama Set for Awards-Season Release

    Warner Bros. has given Ben Affleck’s untitled addiction drama an awards-season-friendly release date of Oct. 18. The film, which has been known previously as “The Has-Been” and “Torrance,” is directed by Gavin O’Connor and stars Affleck as a former basketball player struggling with addiction, which has led to him losing his wife. As part of [...]

More From Our Brands

Access exclusive content