The media industry’s increasing dependence on Chinese capital sets up a crisis once the chickens of China’s property market come home to roost.
China doubled the number of movie screens from 20,000 in 2013 to 41,000 by 2016. Conversely, 2016 was the worst year in a decade at China’s box office.
Xinke New Materials is acquiring an 80% stake in Nicolas Chartier’s Voltage Pictures. The acquisition amount will range between $345 and $518M.
Wanda’s CEO Jianlin is in Hollywood to purchase more media properties. The acquisition of Legendary for $3.5 billion was the biggest Hollywood-China tie-up.
China’s Perfect World Pictures will co-finance 25% of Universal’s B-slate over five years. The $500 million deal is the second major tie-up in a week.
Antitrust issues are on the horizon for Wanda Group: CEO Wang Jianlin, China’s richest individual, announced the acquisition of Legendary for $3.5 billion.