Billionaire Wang Jianlin’s Dalian Wanda Group Co is nearing an agreement to collaborate on movie projects with Sony Corp’s film unit, according to a source with knowledge of the matter.
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Started by Wang as a property developer in China’s northeast, Wanda now owns theaters, massive shopping malls and amusements parks around the country.
In January, Wanda reached a $3.5-billion deal to buy a controlling stake in U.S. film studio Legendary Entertainment, making Wanda the first Chinese firm to own a major Hollywood studio. Wanda said it would include the co-financing of upcoming high-profile Sony releases in China.
“Sony Pictures will open its door to Wanda for equity investment in its productions and Wanda will strive to highlight the China element in the films in which it invests”, said the statement.
Wanda’s AMC Entertainment Holdings Inc has also agreed to buy Carmike Cinemas Inc, which would make it the biggest operator of cinemas in the US.
For Sony Pictures, the deal will give it a greater platform to promote its productions through Wanda’s vast digital and physical cinema infrastructure.
The alliance with China’s biggest theater chain owner will help Sony Pictures to better access a rapidly growing yet restricted movie market, which is on track to surpass the United States as the world’s biggest by as soon as next year.
Jack Gao, Wanda’s head of worldwide investment and operations, said Wanda would continue to seek alliances with other content companies and closer relationships with leading media firms. Sony was not immediately available to comment.
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Reuters reported last month that Wanda was expecting to seal two billion-dollar film-related deals in the United States this year after acquiring two non-production film companies.
