Flanked by models in white sequin dresses amid booming music and dazzling lights, China's richest man savored his latest entertainment triumph this week: the announcement of a $3.5 billion deal to take over a Hollywood blockbuster movie studio.
Acquiring Legendary Entertainment on Tuesday puts Wang Jianlin and his conglomerate, the Dalian Wanda Group, a step closer to the ultimate goal: a movie empire underpinning a globally recognized, household name to rival Google, Apple or Microsoft.
"The acquisition of Legendary strengthens Wanda's entertainment ecosystem in China," said David Hao, an analyst at Credit Suisse Group AG in Hong Kong. "I would expect Wanda Group and Wanda Cinema to continue acquiring high-quality cinemas and online ticketing platforms both overseas and in China to further solidify its positions as the world's largest cinema operator."
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