In the latest news, it has been revealed that Wang Jianlin has sold all of Wanda Group’s shares in Legendary Entertainment in the United States.
On October 14th, Legendary Entertainment announced that it has repurchased the remaining shares held by Dalian Wanda Group in the film company. These shares will now be fully owned by Apollo Global Management, one of the world’s leading private equity fund management companies headquartered in the United States.
Legendary Entertainment did not disclose the financial details of the transaction but stated that the acquisition was completed through its own financial resources without relying on external financing.
Josh Grode, CEO of Legendary Entertainment, stated, “We have a significant amount of liquid funds on our balance sheet. This is a great opportunity to acquire investors’ shares at the right price and create value.”
Previously in January 2016, Wanda acquired Legendary Entertainment for $3.5 billion, becoming the company’s controlling shareholder. However, due to poor performance and regulatory issues, Dalian Wanda Group had to restructure multiple times, leading to the eventual divestment of Legendary Entertainment.
In contrast to Legendary Entertainment, Wanda Group has faced continuous crises in recent years due to the bursting of the Chinese real estate bubble, tight cash flow, and a heavy debt burden, leading to asset sales including its cultural and tourism assets, Wanda Film shares, and dozens of Wanda Plazas.
Market rumors in 2022 had suggested that Wanda had sold a minority stake in Legendary Entertainment, with Apollo Global agreeing to pay $760 million for the acquisition.
In 2024, Wanda Group sold its stake in mall operations and sold yacht manufacturer Sunseeker International to Lionheart Capital.
On October 13th, Wanda Group became publicly embroiled in a dispute with Forever Bright Supermarket for failing to timely pay around 3.639 billion yuan for the transfer of equity in Forever Bright Supermarket.
Wanda Group has shifted from a strategy of “buying” to “selling”.