BEIJING, Jan. 12 (UPI) -- Chinese entertainment company Dalian Wanda Group Co. announced Tuesday it had purchased U.S. film production company Legendary Entertainment for $3.5 billion.
The cash deal, announced in Beijing, furthers Wanda Group's investment in the global film industry, and gives Legendary Entertainment an entry into the lucrative Chinese film market. Wanda Group owns, among other properties, the AMC Theaters chain, and in 2013 began construction of a $8.2 billion film studio in China.