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Legendary Entertainment purchased for $3.5B

Posted: 9:50 PM, Jan 11, 2016
Updated: 2016-01-12 02:50:58Z

BEIJING (AP) — Chinese conglomerate Wanda Group says it is buying Hollywood film company Legendary Entertainment for $3.5 billion.

Wanda, which already owns the AMC cinema chain in the United States, said Tuesday the acquisition will be China's biggest "cross-border cultural acquisition" to date.

Wanda chairman Wang Jianlin said in a statement that with its latest acquisition, his company's film businesses will include a full range of production, distribution and exhibition.

Legendary's productions have included the "Batman" trilogy, "Inception" and "The Hangover."