DALIAN, China -- Dalian Wanda Group will consolidate its movie theater and film production units, aiming to improve original content and the moviegoer experience as the property developer expands in the entertainment business.
The group's Shenzhen-listed cinema operator, Wanda Film Holdings, said Monday it will buy nearly 97% of film producer Wanda Media from current shareholders for about 11.6 billion yuan ($1.76 billion). Wanda Film -- the biggest theater chain operator in China -- will pay for the transaction with about 8.9 billion yuan worth of newly issued shares and cash.
