China's Wanda Group Buys Legendary for $3.5 Billion
Dalian Wanda Group Co., Ltd. (“Wanda Group”) today announced the execution of a definitive Merger Agreement with US Legendary Entertainment (“Legendary”) at a signing ceremony in Beijing. Wanda Group announced that it has acquired Legendary for no more than $3.5 billion (around RMB 23 billion) in cash, markingChina’s largestcross-border cultural acquisition to date. Thomas Tully will remain as Chairman and CEO ofLegendaryand will continue to be responsible for its day-to-day operations and will significantly participate in the success of the company with Wanda....