Wanda Film Scales Back Wanda Media Acquisition Plan

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.