As reported by , Chinese conglomerate Wanda Group is buying US film studio Legendary Entertainment, the maker of blockbusters Jurassic World and Godzilla, for $3.5 bn, it said in a statement Tuesday.

The deal was “China’s largest cross-border cultural acquisition to date”, said the firm, which is headed by China’s richest man Wang Jianlin.

“American movie companies have the commanding heights of the movie industry in the world,” Wang told reporters in Beijing, adding the acquisition will “change this situation”.

Wanda, founded by Wang, has its origins in commercial property but is diversifying into areas ranging from entertainment to e-commerce.

The Legendary deal is the latest in a string of overseas acquisitions by the firm, including the organiser of Ironman extreme endurance contests and Swiss sports marketing group Infront, while it also has a stake in Spanish football club Atletico Madrid.

bbabo.Net