×
You will be redirected back to your article in seconds

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.

More Film

  • dolittle-DRD_Tsr1Sht_1011_RGB_4_rgb-1

    Robert Downey Jr. Embarks on Perilous Journey in First 'Dolittle' Trailer (Watch)

    Robert Downey Jr. is setting sail with some furry friends in the first trailer for “Dolittle,” Universal Pictures’ reimagining of the classic story about a man who could speak to animals. “We have no choice but to embark on this perilous journey,” he says. Set to a rendition of Louis Armstrong’s “What a Wonderful World,” [...]

  • Parasite

    Bong Joon Ho's 'Parasite' Posts Powerful Opening in North America

    Bong Joon-Ho’s dark comedy “Parasite,” which won the Palme d’Or at the Cannes Film Festival, has launched with a spectacular $376,264 at three U.S. theaters.  Neon opened “Parasite” at the The Landmark and Arclight Hollywood in Los Angeles and at the IFC Center in New York, where it broke the opening record set by 2014’s “Boyhood.” Its per-screen average [...]

  • Joker Movie

    'Joker' Dominates International Box Office With $124 Million

    “Joker” is showing impressive traction internationally with a second weekend of $123.7 million on 24,149 screens in 79 markets — a holdover decline of just 29%. Joaquin Phoenix’s psychological thriller has totaled $351.2 million outside North America after only 12 days in release. And with $192 million in domestic grosses, “Joker” has now topped $543 [...]

  • Joker

    'Joker' Remains Box Office Ruler With $55 Million

    Joaquin Phoenix is king of the North American box office once again as “Joker” scores an easy victory in its second weekend with $55 million at 4,374 sites. “Joker” dominated a trio of new entries with animated comedy “The Addams Family” leading the rest of pack with $30.3 million at 4,007 venues, topping forecasts. Will [...]

  • French director Bertrand Tavernier attends the

    Bertrand Tavernier on Coppola, Scorsese, Cayatte, Cinema’s Bright Future

    Veteran French director Bertrand Tavernier (“Round Midnight”) – president and director of the Institut Lumière and Lumière Festival, which he co-manages with Cannes’ Thierry Frémaux – has played a pivotal role in restoring classic French films and defending the importance of French directors, such as Claude Autant Lara, Henri Decoin and André Cayatte, who were [...]

  • 'Philharmonia'

    French Series 'Philharmonia' Sells to the U.K., the U.S. and Australia (EXCLUSIVE)

    “Philharmonia,” a French thriller series set in the world of a national orchestra, has been acquired in English-speaking territories from Lagardere Studios Distribution. “Philharmonia,” which was created and co-written by Marine Gacem, has been acquired by First Look Media’s Topic for SVOD rights in the U.S., and Walter Presents for the U.K. and Australia. “Philharmonia” [...]

More From Our Brands

Access exclusive content