Speaking to Reuters in Davos at the World Economic Forum, Wang Jianlin, founder and chairman of Dalian Wanda Group, said that he is still looking to buy one more US movie studio.
Wanda agreed a $1 billion takeover of Dick Clark Productions in 2016, and already owns Legendary Entertainment and US cinema chain AMC Entertainment Holdings.
The group have $5 billion to $10 billion a year allocated for investment abroad in entertainment and sports.
The comments were made in the light of political change ahead in the US. Wang did not anticipate that investments into the US would be blocked and stated that the US, followed by Europe, are his top investment targets geographically.
Wanda have recently announced highlights of their financial results in 2016. Overall the Group reported a 3.4 per cent increase in operating revenues and double digit growth in profits. However underlying this growth, commercial property revenues declined by 25%, offset by the diversification into entertainment, tourism and sports. Wang has criticized China’s close control of property saying that it causes “excessive cyclicality” which is the reason behind Wanda’s planned move away from real estate development.
Wang’s ambition to acquire another movie studio have so far been held back only by the lack of owners willing to sell.
https://www.reuters.com/article/us-dalianwanda-chairman-idUSKBN1510TW?il=0
