Dalian Wanda Group is selling a 49% stake in its investment arm to local film and TV producer China Ruyi Holdings in an on-going effort to reduce debt.
Wanda is selling the stake in Beijing Wanda Investment for $315M (RMB2.26BN) as part of fundraising efforts to repay debt of $400BN due this past weekend.
Wanda Investment owns a 20% stake in the group’s Shenzhen-listed entertainment division Wanda Film, which operates a cinema chain in China, finances Chinese films and retains a stake in Dune producer Legendary Entertainment.
Earlier this month, Wanda Investment separately sold an 8.3% stake in Wanda Film for $306N (RMB2.2BN). The buyer was Lu Lili, the wife of Shen Jun, controller of financial data platform East Money Information.
Read more on deadline.com
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