SINGAPORE (Reuters) - Chinese tycoon Wang Jianlin’s Wanda Cinema Line Corp (002739.SZ), the country’s biggest cinemas operator, said on Thursday it plans to acquire movie-making affiliate Wanda Media for 37.2 billion yuan ($5.7 billion) in cash and shares.
Wanda Cinema, whose parent Dalian Wanda Group acquired U.S. film studio Legendary Entertainment in January for about $3.5 billion, said in a filing with the Shenzhen stock exchange that it now aims to acquire Wanda Media, the current owner of Legendary Pictures.
The company also said it plans to raise up to 8 billion yuan in a private placement of shares to help fund the building of theaters and replenish working capital.
“The completed transaction will help the listed company set a global strategy in consolidating film assets at home and abroad,” it said.
In 2012 Dalian Wanda bought AMC Entertainment Holdings Inc (AMC.N), North America’s second-largest cinema chain, for $2.6 billion.
Wanda Cinema’s shares will remain suspended since a halt on February 24.
(This version of the story has been refiled to remove repetition of text)
Reporting by Lee Chyen Yee in Singapore and Meg Shen in Hong Kong; Editing by Greg Mahlich