Chinese conglomerate Dalian Wanda Group Co. has agreed to purchase to Legendary Entertainment for $3.5 billion. The acquisition is characterized by The Wall Street Journal as "the largest China-Hollywood deal to date."
Founded in 2000 by Thomas Tull, Legendary has co-financed and produced dozens of films, ranging from "Batman Begins" and "Man of Steel" to "Jurassic World" and "Godzilla; the company also has comic book, digital and TV divisions. Tull will remain as CEO following the acquisition.
The world's largest operator of theater chains, Wanda Group purchased AMC Theatres in 2012 in Australia's Hoyts just last year.
The Journal notes that Wanda Group's backing will enable Legendary to more easily distribute films in China, where the company limits the number of foreign releases.