China’s richest man urges the Motion Picture Association of America to send a message to President-elect Donald Trump.
“I’ve invested over $10 billion in the U.S., employing over 20,000 people,” said Wang Jianlin, film mogul and chairman of the Wanda Group.
“If something goes wrong, these 20,000-plus people might be out of jobs,” he warned during a Q&A in Beijing on Saturday — repeating a message he asked MPAA chairman Chris Dodd to pass on to Trump.
The president-elect has threatened to place restrictions on China’s business with the U.S. and conversations on Capitol Hill have been bubbling up around curbing China’s latest inroads into Hollywood — all threats to Wang’s latest business moves.
Wang is the founder and CEO of China’s Wanda Group, which will own the largest movie theater chain in the U.S. once its subsidiary AMC Entertainment completes its acquisition of Carmike Cinemas. The Wanda chief has also made clear his designs on buying one of Hollywood’s big six studios.
This year Wanda also acquired Legendary Entertainment for $3.5 billion and is in talks to add Dick Clark Productions for another billion. The company also formed an alliance with Sony Pictures last month and is on pace to spend $30 billion in deals this year — half in sports and entertainment.
“Other things aside, in the film and entertainment industry, you have to understand that English-language films are relying on the Chinese market for growth,” added Wang of the world’s second-biggest movie market, just behind the U.S.
Richard Berman, executive director of the Washington D.C. think tank Center for American Security, said Wang’s “posturing” is “meaningless” in a statement obtained by TheWrap on Sunday. “All of his acquisitions had employees before he engaged in buying them,” added Berman, who is spearheading opposition to Dalian Wanda’s investment in the U.S. movie industry. “These are not new jobs nor are they dependent on his ownership. In fact, the profits from these acquisitions will flow to Communist China, not to U.S. interests or stockholders.”
You can read more of Wang’s latest comments here (with the suggested help of Google Translate).
12 Chinese-Owned Media Companies, From Dick Clark Productions to AMC (Photos)
A firehose of Chinese investment has been flowing into Hollywood for the last few years, as Middle Kingdom firms have scooped up production companies and theater chains by the billion. And while D.C. has finally taken notice -- and is asking the government to take a closer look at foreign ownership of American content companies -- Chinese firms have already accumulated a substantial portfolio of media and entertainment-related companies often at healthy premiums. And Hollywood isn’t ready to look that gift horse in the mouth.
AMC/Carmike/Legendary/Getty Images
AMC THEATRES Owner: Dalian Wanda Group
Wanda, a real estate and entertainment conglomerate owned by China’s richest man, Wang Jianlin, made its first Hollywood splash in 2012 when the company paid $2.6 billion for AMC Entertainment, the parent of AMC Theatres, the second-largest theater chain in the U.S.
AMC Theatres
Carmike Cinemas Owner: Dalian Wanda Group
Wanda-owned AMC paid $1.2 billion to acquire Carmike Cinemas in a deal that just closed in November. The combined chain will be America’s largest theatrical exhibitor, passing former No. 1 Regal Entertainment.
Mike Kalasnik
Legendary Entertainment Owner: Dalian Wanda Group
Wanda paid $3.5 billion for the “Jurassic World” production company in January, even though Legendary lost $500 million last year, according to a Chinese regulatory filing. However, plenty of Legendary’s high-octane action and fantasy flicks have been bigger hits in China than the U.S., such as “Warcraft.”
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Dick Clark Productions Owner: Dalian Wanda Group
Wanda spent $1 billion to acquire the producer of the Golden Globes, American Music Awards and “New Year’s Rockin’ Eve.” The deal marks Wanda’s first foray into television after spending billions on the big screen.
Dick Clark Productions
Voltage Pictures Owner: Anhui Xinke New Materials
Anhui Xinke, a copper processing company, bought an 80 percent stake in Voltage parent Midnight Entertainment for $351 million. Voltage is the production company behind Oscar-winning films including “The Hurt Locker” and “Dallas Buyers Club.”
Voltage
STX Entertainment Owner: Hony Capital, Tencent
Independent distributor STX was founded with investments from private equity giant TPG and Chinese firm Hony Capital. The company also has a co-financing deal with China’s Huayi Bros. Media, and this year secured a strategic investment from Tencent to expand into digital content, music and virtual reality.
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World Triathlon Corporation Owner: Dalian Wanda Group
Wanda paid $650 million last year for the company that organizes the Ironman Triathlon races, folding it into its new Wanda Sports division.
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IM Global Owner: Tang Media Partners
Tang Media Partners, which has offices in Shanghai and L.A., acquired a controlling stake in Stuart Ford’s film finance firm from Indian conglomerate Reliance in June. IM Global has financed or produced more than 30 Hollywood films, including Mel Gibson’s “Hacksaw Ridge.”
IM Global
Studio8 Owner: Fosun Group
Chinese conglomerate Fosun is the largest shareholder in former Warner Bros. chief Jeff Robinov’s production company, having invested $200 million in Studio8.
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Dichotomy Creative Group Owner: LeEco
Consumer tech company LeEco’s subsidiary Le Vision Pictures opened an L.A. office this year and hired former Paramount Pictures President Adam Goodman to run it and oversee a slate of English-language films. As part of the deal, LeEco acquired Goodman’s production company, Dichotomy.
Adam Goodman
Cirque du Soleil Owner: Fosun Group
It’s a Canadian circus, not a movie or TV studio, but Cirque du Soleil operates six Vegas shows, several tours and earned $845 million in revenue in 2014. Last year, TPG and Fosun acquired a majority stake in Cirque du Soleil for $1.5 billion.
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Riot Games Owner: Tencent
Tencent acquired a 93 percent stake in the video game publisher for $400 million in 2011 and acquired the remainder last December. Riot’s “League of Legends” is the most played PC game in the world.
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Firms from China have been scooping up production companies and theater chains by the billion in recent years
A firehose of Chinese investment has been flowing into Hollywood for the last few years, as Middle Kingdom firms have scooped up production companies and theater chains by the billion. And while D.C. has finally taken notice -- and is asking the government to take a closer look at foreign ownership of American content companies -- Chinese firms have already accumulated a substantial portfolio of media and entertainment-related companies often at healthy premiums. And Hollywood isn’t ready to look that gift horse in the mouth.
AMC/Carmike/Legendary/Getty Images
AMC Theatres
