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Fresh off purchasing a controlling stake in Hollywood film studio Legendary Entertainment earlier this year, Wang Jianlin, China’s richest man, has signed up to invest in Sony’s film studio.
With hopes of highlighting “the China element” in the studio’s film productions, Jianlin has reportedly signed an agreement to invest in Sony Pictures through his company Wanda, reports Fortune.
With the deal announced on Friday, Sony Pictures can expect to have a greater platform to promote its films as the Chinese firm currently owns a chain of cinemas in China. For Wanda, it’s an additional boost in Chinese influence in the global film industry.
The agreement will have Chinese conglomerate Dalian Wanda Group marketing Sony Pictures’ films and co-financing some of its upcoming movie releases in China. The partnership will also further forward Wang’s goal of making his company an international entertainment powerhouse.
The 61-year-old billionaire has earlier said that he intends to bring Hollywood to China through aggressive acquisitions. Last month, he told Reuters that he is looking into buying Hollywood’s “Big Six” studios.
Wanda has recently held talks with Viacom Inc. expressing its interest to invest in Hollywood’s “Big Six” studios that include Paramount Pictures, Twentieth Century Fox, Warner Brothers, Walt Disney, Universal Pictures and Columbia.
“We are interested not only in Paramount, but all of them. If one of the Big Six would be willing to be sold to us, we would be interested,” Wang said.