Wang Jianlin, Chinese Billionaire Who Stalked Hollywood, Poised to Sell Last Piece of Wanda Film
variety.comPatrick Frater Asia Bureau Chief Wang Jianlin, the Chinese billionaire who previously sought to buy a controlling position in Hollywood, is preparing to complete his imminent exit from the film industry.
The troubled conglomerate is facing debt repayment pressure.Wanda Film, which remains China’s largest cinema operator, Wednesday said in a regulatory filing to the Shenzhen Stock Exchange that Wang and his Wanda Investment vehicle expect to sell their remaining stake 51% in the company to China Ruyi Holdings.
Ruyi, which operates across film, TV and online games, counts games, social media and streaming giant Tencent among its largest shareholders.
The Hong Kong-listed Ruyi previously bought 49% of Wanda Investment in July for $320 million (RMB2.3 billion). Ruyi has made no comment on the pending deal.
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