China’s Wanda Cinema Line Corp has announced it will purchase the Australian cinema chain Hoyts Group – a decision that might just lead Wanda Cinema to become a global entertainment company.
Wanda Cinema didn’t disclose how much they are paying to get ownership of Hoyts, but it is speculated that the amount could be close to $750 million.
Over 450 cinema screens in Australia are operated by Hoyts, while Wanda Cinema is China’s largest cinema operator with over 150 motion-picture houses in 80 cities across the country.
Dalian Wanda, the parent company of Wanda Cinema Line Corp, seeks to expand its holdings away from real estate, hence the latest acquisition. The Dalian Wanda Group also owns the North American cinema chain AMC Entertainment.
Earlier this year, Dalian Wanda purchased Swiss marketing firm Infront Sports and Media AG for $1.15 billion, following a 45 million Euro investment in the Spanish soccer club Atletico Madrid.
Dalian Wanda also agreed to a $8.07 billion investment in 2013, in order to build a movie studio and entertainment complex in the Chinese coastal city, Qingdao. One thing is certain; the Wanda Group is rapidly increasing its foothold in the entertainment and leisure sector across various countries.