|
 A photo of Wanda Group Chairman Wang Jianlin held talks with Lions Gate Entertainment Chairman Mark Rachesky in Beijing is shown on the firm's official website on Oct 8, 2014. [Photo/wanda-group.com]
|
Dalian Wanda Group Co, which controls the second-biggest US cinema chain, AMC Entertainment, Inc, is in talks to acquire a stake in film studio Lions Gate Entertainment Corp, said Bloomberg News, citing the firm's chairman Wang Jianlin.
According to the report, the firm is interested in buying control of Lions Gate, the $4.7 billion studio behind the "Hunger Games" films, although its owners are said to be only willing to sell a minority stake.
"Talks are at an early stage and may not lead to a deal," said Wang.
According to Wang, the firm has also held discussions about investing in Metro-Goldwyn-Mayer Inc, the independent producer of James Bond films.
"Many people come knocking at my door, but Wanda is only interested in the big players and we want control," Wang said. "China's movie industry is booming at unprecedented speed. Buying a well-known US company will help our distribution overseas."
According to the report, Wang also said he wants to acquire large theater networks in Europe as part of his ambition to control 20 percent of the global cinema market by 2020.
"We are shifting our group's focus toward culture, entertainment and e-commerce," Wang said. "China's movie industry is growing a lot faster than that of the US."
Ahead of the official opening times of US exchanges, Lions Gate shares rose 5.3 percent to $35.68.
In August this year, Dalian Wanda said it plans to invest $1.2 billion to develop a plot of land in Beverly Hills, California, and will set up an office there to do deals in Hollywood.
Later, on Oct 8, according to a post on the company's official website, Wang Jianlin met with Lions Gate chairman Mark Rachesky in Beijing.
Officials at Lions Gate and MGM didn't immediately return calls outside of regular business hours seeking comment, said Bloomberg News.
According to the report, Fosun, the Shanghai-based company that invested $200 million in Jeff Robinov's Studio 8 in June, has also held talks to invest in Lions Gate, people with knowledge of the matter said last month.
On Oct 27, Alibaba's chairman Jack Ma confirmed that he and a team of his executives visited with the heads of a number of entertainment studios in Hollywood in that month to acquire distribution rights for their content and possible stakes in their studios, said a previous report by Bloomberg News.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
