China's Wanda Group buys Hollywood studio Legendary for $3.5 bn

Chinese conglomerate Wanda Group signed a $3.5 billion deal on Tuesday to buy Hollywood studio Legendary Entertainment, the maker of blockbusters "Jurassic World" and "Godzilla", dubbing it China's biggest-ever cultural takeover. The agreement was "China's largest cross-border cultural acquisition to date", said the Chinese firm, which is headed by the country's richest man Wang Jianlin. "American movie companies have the commanding heights of the movie industry in the world," Wang told reporters at the signing ceremony in Beijing, adding the acquisition will "change this situation".

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