Studios.jpg (Photo : Reuters)
The second biggest China-operated cinema chain in the United States might acquire two large film studios in Hollywood.
Film mogul and Dalian Wanda Group Co. chair Wang Jianlin said that his company is currently eyeing on the possibility of buying Lionsgate Entertainment Corp. and Metro-Goldwyn-Mayer Inc. and talks are now at the early stage.
Popularly known for its film franchise "The Hunger Games," Lionsgate is on deck in selling a minority stake, but not selling the whole studio, the reason why there might be no agreement yet with Wanda.
Wang, however, still expressed his interest on taking over Lionsgate. The film company gained 3 percent to close $34.90--a total of 10 percent--this year in New York.
Aside from Lionsgate, the Beijing-based company also met up with officials of Metro-Goldwyn-Mayer (MGM) Inc. to discuss a possible investment. MGM is famous for producing James Bond films.
Together with China's biggest e-commerce company Alibaba Group Holding Ltd. and Fosun International Ltd., Wanda is looking for future Hollywood film investments. Wang said that he wants to acquire European theater networks.
Even with numerous offers coming in, Wang said that he is only interested in partnering with the film industry's key players. He noted that with Chinese cinema "booming at unprecedented speed," acquiring big U.S. companies will help them on distributing productions overseas.
