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China's Wanda buys Legendary Entertainment for $3.5 billion

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Posted at 8:51 PM, Jan 11, 2016
and last updated 2016-01-11 21:51:01-05

BEIJING (AP) — Chinese conglomerate Wanda Group says it is buying Hollywood film company Legendary Entertainment for $3.5 billion.

Wanda, which already owns the AMC cinema chain in the United States, said Tuesday the acquisition will be China's biggest "cross-border cultural acquisition" to date.

Wanda chairman Wang Jianlin said in a statement that with its latest acquisition, his company's film businesses will include a full range of production, distribution and exhibition.

Legendary's productions have included the "Batman" trilogy, "Inception" and "The Hangover."