Wanda Film excludes Legendary Pictures in Wanda Media deal; targets domestic assets - report (translated)
18 SEP 2017
Wanda Film [Wan Da DianYing; SHE: 002739], a Chinese cinema operator, will only seek to acquire the domestic assets of Wanda Media, a company engaged in film and TV investment, production and marketing, the Chinese-language China Securities Journal reported.
The item cited an unidentified source who said Legendary Pictures, Wanda Media's Hollywood-based movie-making asset, will not be included in the acquisition.
Wang Huiwu, board secretary at Wanda Film, said the proposed acquisition is aimed at reducing connected transactions and peer competition between his company and Wanda Media.
As reported, Wanda Film has signed a letter of intention with Beijing Wanda Investment, a privately held company controlled by Wang Jianlin, to buy Wanda Media. Wanda Film expects to complete the acquisition via a new share issue to the existing shareholders of Wanda Media.
Wanda Media currently has a registered capital of CNY 750m (USD 114.55m).