Wanda Group announced earlier this week that it has acquired a stake in Bona Film Group.
Under the agreement, Wanda will hold 1.875% of Bona Film Group for an RMB300 million (US$ ) investment. Any new cinema that Bona builds from now on will officially become part of Wanda Cinemas, and all existing Bona Cinemas will be absorbed into the Wanda chain when their contract with Bona expire.
In addition, Wanda Media will handle the pre-screening ads in all Bona Cinemas and the two companies will invest in each other’s film productions.
Previously, Wanda had worked with Huayi Brothers and Enlight Media on Mojin The Legend (鬼吹燈之尋龍訣) in the first co-production deal of its kind. However, Wanda and Huayi have since fallen out when Wanda executive Jerry Ye left Wanda to become the CEO of Huayi’s film division.
Wanda Cinemas, who also owns the AMC Theater chain in the US and the Hoyts cinema chain in Australia, is the largest exhibitor in China.