Caixin
Feb 12, 2019 07:20 AM
BUSINESS & TECH

Wanda Film Scales Back Wanda Media Acquisition Plan

Wanda Film is China’s largest cinema chain operator, with 516 theaters and 4,571 screens. Photo: VCG
Wanda Film is China’s largest cinema chain operator, with 516 theaters and 4,571 screens. Photo: VCG

A state-owned minority shareholder dropped out of Chinese conglomerate Dalian Wanda Group’s plans to consolidate its film and entertainment businesses, forcing Wanda to scale back the transaction by almost 10% to $1.55 billion.

Wanda Film Holding Co. Ltd., the conglomerate’s cinema chain, said in a statement Monday that a state-owned shareholder of the film studio Wanda Media would no longer participate in the asset-restructuring plan. The state-owned enterprise is based in the coastal city Qingdao.

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