The Ninjabot

Legendary Pictures Acquired for $3.5 Billion by China’s Wanda Group

Posted on January 12, 2016 at 10:00 am by David "Snackbar" Edmundson

legendary-entertainment-logo-slice

A major shakeup just took place in Hollywood, and it has nothing to do with the Avengers lineup or any other cinematic universe. This is bigger: it was announced today that the China-based Dalian Wanda Group Co., Ltd. has acquired Legendary Entertainment for a whopping $3.5 billion, making this China’s largest cross-border cultural acquisition in history. Thomas Tull, Legendary’s Chariman and CEO, will retain his roles with the company and “continue to be responsible for its day-to-day operations and will significantly participate in the success of the company with Wanda,” with Tull adding:

 “I am honored to be a part of the Wanda family. Together, Wanda and Legendary will create a completely new international entertainment company. 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.”

warcraft-orgrim-1-600x400But back to today’s news. It’ll be interesting to see how/if Legendary’s output is affected by this acquisition. China is a huge market for Hollywood, and Legendary had laid the groundwork for this deal years ago by opening the joint-venture Legendary East. Legendary recently wrapped filming on Zhang Yimou’s Matt Damon-fronted The Great Wall, which is the largest film shot entirely in China.

So what happens now? Well I doubt we’ll see any more 42’s in Legendary’s future, and a focus on bigger genre content like Godzilla and Legendary’s upcoming Warcraft will probably increase. Moreover, this could give us hope for Pacific Rim 2, which was put on hold by Universal last fall. The impressive performance of Guillermo del Toro’s first film in China was what 42-posteressentially greenlit the sequel, so under Wanda it’s possible Pacific Rim 2 could gain traction once again. Could this be what del Toro was hinting at earlier today on Twitter?

I do hope Tull is still able to indulge in films that really only got pushed through because of his personal interest—he’s a self-professed geek/fan/nerd like us who wanted to see robots and monsters fight via Guillermo del Toro, so he backed Pacific Rim. It’d be a shame if he lost some of his creative control or if the studio went really heavy into big genre films, leaving behind stuff like Crimson Peak, or even smaller-budgeted films like Krampus. The studio is currently focused on 2016 releases Warcraft, The Great Wall, and the sci-fi pic Spectral, but I’ll be very curious to see what their next big film announcement entails.

Follow Snackbar on Twitter @snackie_cakes for all your Geek News

    Sharing the Legacy on Flickr

    See all photos

    Tweets