×

China’s Wanda Completes Exit From Film Studios and Theme Parks

Dalian Wanda has completed its exit from the domestic Chinese theme park business by selling its parks management companies to property developer Sunac for $900 million (RMB6.28 billion). The deal includes operations managing the massive film and TV studios that Wanda constructed in Qingdao and 13 the.

The sale of Wanda Cultural Management comes less than three years after Wanda’s chairman Wang Jianlin warned Disney that it would launch a pack of Chinese tigers to defeat Shanghai Disneyland. And it comes barely a year after Wanda sold its theme park businesses and part of its hotel portfolio as part of a massive debt-reduction program.

Sunac last year paid RMB44 billion ($6.31 billion at current exchange rates) to buy the parks and studios. But it left operational control with Wanda Cultural Management.

“The transaction will further clarify the operation management aspect of the cultural and tourism projects acquired by the group and further improve our management efficiency,” Sunac said in a regulatory filing to the Hong Kong Stock Exchange. Sunac now has the right to rebrand the parks and studios.

Wanda has been forced into retreat across many of its business sectors. It was recently announced that U.S. finance firm Silverlake was to buy a substantial portion of Wanda’s stake in U.S. movie theater group AMC. It has also been reported that Wanda is negotiating to sell its stake in Legendary Entertainment, the Hollywood producer that it bought in 2016 for up to $3.5 billion.

Popular on Variety

More Film

  • Lindsay Lindenbaum on 'Tomboy,' Female Drummers,

    How 'Tomboy' Filmmaker Used SXSW Cancellation to Fine-Tune Her Film

    “Tomboy” filmmaker Lindsay Lindenbaum spent five years following four female drummers trying to make it in a male-dominated world. Lindenbaum profiles Bobbye Hall, a drummer who started at Motown Records in the late ’60s and later toured with Bob Dylan. Samantha Maloney, whose obsession with MTV’s “Headbangers Ball” as a teenager led her to fall [...]

  • Wonder Woman 1984

    Will the Coronavirus Pandemic Wipe Out All of Summer Blockbuster Season?

    Say goodbye to blockbuster season — at least for this year. After would-be summer hits from Disney, Warner Bros., and Universal already vacated their release dates, Sony Pictures announced Monday that its comic book adventure “Morbius,” “Ghostbusters: Afterlife” and virtually all of its upcoming tentpoles were being moved into the fall or beyond. It was [...]

  • Dodgers Stadium Empty

    Movie Theaters and Concerts Could See Major Attendance Drop Post-Pandemic (Study)

    After a month of increasing anxiety and self-isolation due to the coronavirus pandemic, audiences in the U.S. are largely not eager to return to public events once the crisis subsides, according to a new study. In a survey of 1,000 consumers in the U.S., 44% of respondents said they would attend fewer large public events, [...]

  • 'Dolphin Reef' Review: A Dazzling Look

    'Dolphin Reef' on Disney Plus: Film Review

    Out of the vast universe of nature documentaries, I don’t think I’m alone in finding films about life under the sea to occupy a special place. The very fact that they exist, of course, is amazing — though when you watch one, part of the wonder is that you’re not thinking about how aquamarine filmmakers [...]

  • CONJURING DAD – In Disney and

    What's Coming to Disney Plus in April 2020

    Disney Plus will continue to expand its library next month, adding older films as well as new episodes of its original programming. Less than a month after its release on March 6, Pixar’s “Onward” is making an early jump to Disney’s streaming platform amid the coronavirus pandemic. With the vast majority of theaters now closed [...]

  • Black AF Netflix

    Everything Coming to Netflix in April

    As everyone continues to self-quarantine and practice social distancing due to the coronavirus pandemic, there’s no better “at-home” activity than catching up on all the new films and shows streaming on Netflix this April. A number of new series are set to premiere on the streaming platform, including “Never Have I Ever,” “#BlackAf,” “OuterBanks,” “The [...]

  • Steven Spielberg AFI Movie Club

    Steven Spielberg Launches AFI's New Movie Club With 'The Wizard of Oz'

    As the coronavirus pandemic continues to escalate and Americans face more time in quarantine, “There’s no place like home” resonates in an entirely different way, with the power to save millions – not just Dorothy. Aiming to encourage social distancing, the American Film Institute announced the launch of the AFI Movie Club with the help [...]

More From Our Brands

Access exclusive content