The Chinese company sees its new stake in Thomas Tull‘s production house aiding a projected 30 percent climb in overall entertainment revenue
Chinese conglomerate Dalian Wanda Group, now the majority holder of Thomas Tull’s Legendary production company, predicted the new unit would bring in $613 million, or 4.02 billion Chinese yuan, in revenue this year.
The company made the statement in a news release tied to its annual meeting in China’s Yunan province.
Wanda’s $3.5 billion investment in Legendary, the company that helped finance such hits as “Jurassic World” and “Straight Outta Compton,” gives the global entertainment powerhouse a firmer hold in Hollywood. The Chinese comglomerate already owns the No 2. theater chain in the US, AMC Theaters, as well as China’s biggest line of cinemas and its own production studio in China.
Legendary big-budget movies “Warcraft” and “The Great Wall” will both be out in 2016.
This year, the company projected its entertainment arm would increase revenue 30 percent, overall, which includes sales from Legendary and its cinema chain as well as its own production company and film distribution outfit.
Overall, Wanda projected its 2016 revenue would fall 12 percent 254.3 billion yuan, largely because of a decline in its real estate division.