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China’s Wanda extends Hollywood footprint with Sony alliance | China’s Wanda extends Hollywood footprint with Sony alliance |
(about 4 hours later) | |
China's Dalian Wanda Group is extending its footprint in Hollywood after striking a deal with Sony Pictures. | China's Dalian Wanda Group is extending its footprint in Hollywood after striking a deal with Sony Pictures. |
The strategic alliance opens the door for Wanda to invest in certain productions. Wanda said it would include the co-financing of upcoming high-profile Sony releases in China. | The strategic alliance opens the door for Wanda to invest in certain productions. Wanda said it would include the co-financing of upcoming high-profile Sony releases in China. |
The deal marks the Chinese company's first multi-picture partnership with a major Hollywood studio. | The deal marks the Chinese company's first multi-picture partnership with a major Hollywood studio. |
The company wants to boost its influence in the global film industry. | The company wants to boost its influence in the global film industry. |
"The alliance will help strengthen Wanda's power to influence the global film industry, and set a good precedent for Chinese film producers in their international investment," the company said in a statement. | "The alliance will help strengthen Wanda's power to influence the global film industry, and set a good precedent for Chinese film producers in their international investment," the company said in a statement. |
As part of the deal, Wanda "will strive to highlight the China element in the films in which it invests". | As part of the deal, Wanda "will strive to highlight the China element in the films in which it invests". |
Past partnerships between Chinese companies and mainstream Hollywood studios were mostly limited to a small investment in a single film. | Past partnerships between Chinese companies and mainstream Hollywood studios were mostly limited to a small investment in a single film. |
For Sony Pictures, the deal will give it a greater platform to promote its productions through Wanda's vast digital and physical cinema infrastructure. | |
Wanda is the world's biggest movie theatre operator, led by China's richest man, Wang Jianlin. | |
In January, Wanda bought a controlling stake in Hollywood film studio Legendary Entertainment - a deal valued at $3.5bn (£2.4bn). | In January, Wanda bought a controlling stake in Hollywood film studio Legendary Entertainment - a deal valued at $3.5bn (£2.4bn). |
"As the global film industry continues to explode, Wanda will seek additional strategic alliances with content companies to foster international collaboration," Senior Vice-President, Jack Gao said about the partnership with Sony Pictures. | "As the global film industry continues to explode, Wanda will seek additional strategic alliances with content companies to foster international collaboration," Senior Vice-President, Jack Gao said about the partnership with Sony Pictures. |
"This deal furthers our worldwide entertainment strategy as we look forward to positive returns and establishing closer relationships with leading media companies." | "This deal furthers our worldwide entertainment strategy as we look forward to positive returns and establishing closer relationships with leading media companies." |
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