Film and comic book company Legendary Entertainment has been sold to Chinese media company Dalian Wanda Group Co., Ltd. Announced Monday evening, it was a cash deal for $3.5 billion with co-founder Thomas Tull agreeing to remain onboard as Chairman and CEO.
“I am honored to be a part of the Wanda family. Together, Wanda and Legendary will create a completely new international entertainment company," said Tull. "There is an ever growing demand for quality entertainment content worldwide, particularly in China, and we will combine our respective strengths to bring an even better entertainment experience to the world’s audiences.”
Legendary produced several adaptations of comic book work including Man of Steel, Christopher Nolan's Batman trilogy, Frank Miller's 300 aswell as genre movies such as Pacific Rim, Jurassic World and Inception. In addition to film, Legendary recently expanded to comic books with a Bob Shreck-led division that has published original work by Frank Miller, Simon Bisley and others.
“The acquisition of Legendary will make Wanda Film Holdings Company the highest revenue-generating film company in the world, increasing Wanda’s presence in China and the US, the world’s two largest markets," said Wanda Group's Chairman Wang Jianlin. "Wanda’s businesses will encompass the full scope of film production, exhibition and distribution, enhancing Wanda’s core competitiveness and amplifying our voice in the global film market.”