China's Wanda Plans to Buy 'One or Two Large International Entertainment Companies'
Amid chatter about possible consolidation in the U.S. entertainment industry following 21st Century Fox's recently rejected $80 billion bid for Time Warner, China's Wanda Group said Thursday it plans to make one or two big entertainment deals abroad.
The hotel, cinema and property conglomerate, which owns U.S. exhibition giant AMC, said it outlined its strategic plans to further internationalize through investments and key overseas acquisitions at a semiannual meeting in Harbin on July 12 but only made the plans public this week.
Wanda's billionaire chairman Wang Jianlin said he wanted his company to be among the first Chinese businesses to be truly international.
"In the second half of this year, Wanda will intensify its investment in the entertainment sector overseas by acquiring one or two large international entertainment companies," declared Wang, adding that the investment arm of Wanda is currently undergoing negotiations with certain companies, Wanda said in a statement on its website.
Wang noted that although 95 Chinese companies made the Fortune Global 500, very few if any were real multinationals like the European and American companies on the list.
Although its origins lie in residential real estate, in recent years Wanda has looked to the entertainment sector to grow revenue. Wanda Group's entertainment division includes Wanda Cinema, which at the end of 2013 had 142 theaters in 72 cities. Wanda purchased AMC for $2.6 billion in 2012.