10 March 2016 5:12 AM, PST | Variety - Film News | See recent Variety - Film News news »
Wanda Pictures, a film subsidiary of China’s property to entertainment conglomerate Dalian Wanda, is to enjoy a $163 million (RMB1.06 billion) capital injection from Oceanwide Holdings, a property to Internet group.
That will give Oceanwide 6.61% of Wanda Pictures, according to documents filed by Oceanwide, which is listed in Shenzhen.
Documents circulated last month in financial circles showed Wanda was seeking $1.5 billion of outside investment in Wanda Pictures ahead of an Ipo or backdoor stock listing that would value Wanda Pictures at $5.37 billion (RMB35 billion) on flotation.
Dalian Wanda announced the $3.5 billion acquisition of “The Dark Knight” producer Legendary Entertainment. That deal may still need regulatory approvals. When the takeover is completed, Legendary appears on course to be injected into Wanda Pictures and provide most of its value.
Oceanwide will also invest $221 million (RMB1.44 billion) in Qingdao Wanda Pictures, the Wanda unit that is currently constructing a massive studio and facilities »
- Patrick Frater
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