China's Wanda forges partnership with Sony

Local residents visit a Wanda Plaza in Shanghai, China,?Sept 3?2016.[Photo/IC]

China's Dalian Wanda Group, which is owned by the country's richest person Wang Jianlin, announced a strategic partnership with Motion Picture Group, the film unit of Sony Pictures Entertainment, on September 23, according to the company's press release.

"Sony Pictures will open its door to Wanda for equity investment in its productions and Wanda will strive to highlight the China element in the films in which it invests," said the statement.

Sony Pictures, one of Hollywood’s "Big Six", perfectly matches with Wang's ambitious expansion plans.

In an earlier interview with Reuters, Wang said he would seek to buy one of Hollywood's "Big Six" movie studios. "My goal is to buy Hollywood companies and bring their technology and capability to China."

In January, Wanda reached a $3.5-billion deal to buy a controlling stake in US film studio Legendary Entertainment, making Wanda the first Chinese firm to own a major Hollywood studio.

"As the global film industry continues to explode, Wanda will seek additional strategic alliances with content companies to foster international collaboration," said Jack Gao, president and CEO of Wanda Cultural Industry Group.

"This deal furthers our worldwide entertainment strategy as we look forward to positive returns and establishing closer relationships with leading media companies," Gao added.

"The Chinese market for Hollywood films continues to boom, and this alliance gives a huge boost to our ability to connect directly with its audiences," said Tom Rothman, Chairman of Motion Picture Group.