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Wanda chairman unveils plan to invest billions in all six Hollywood studios


Updated: 2016-11-03

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Wang Jianlin, China's richest man and the head of real estate conglomerate Dalian Wanda Group, said that he will set up a multibillion-dollar investment fund to put capital into all of Hollywood’s "Bix Six"studios while he seeks to buy one of them.

"I wanted to acquire one of the big six, but whether we can is a different story — it's uncertain," Wang told The Hollywood Reporter in an interview at his corporate headquarters in Beijing that was published on Wednesday.

"I might as well start from wherever I can, such as through investment with all six," he said. "We will continue to work on a potential acquisition. But it won't hurt to start by doing what we can. Participating via investment seems like a wise choice for the time being."

Wanda has been aggressively seeking acquisitions and partnerships with Hollywood studios.

Last month, Wang announced in Los Angeles to a gathering of film industry executives that he was offering Hollywood's studios a 40 percent production subsidy to lure filmmakers to his new movie studio in East China. Funding for the subsidy would come from Wanda and the regional government in Qingdao, Shandong province, site of the $8.2 billion studio that is expected to be completed in 2018. It will apply to makers of films and television shows.

Wanda already owns AMC Theaters and purchased Legendary Entertainment for $3.5 billion early this year. It has formed an investment alliance with Sony Pictures, saying it will invest in Sony films and help highlight "China elements" of the movies.

Variety reported on Oct 17 that according to sources, Wanda was nearing an agreement to acquire Dick Clark Productions in a deal valued at approximately $1 billion. The company runs the Golden Globe awards and Miss America pageants.