Acquisition will add to Wanda’s growing film empire in China.
|Zeng Maojun, board director and president, Wanda Cinema Line, and Hou Kaiwen, chief executive officer, Mtime.com|
Wanda Cinema Line Co., a division of Dalian Wanda Group, China’s largest theater chain owner and mall development company, will purchase Mtime.com, a Chinese online media outlet and e-commerce platform, for $350 million.
Since 2015, Wanda has been a partner with Mtime, utilizing Mtime’s licensed movie merchandise in its theater retail kiosks.
Under the acquisition, Mtime will maintain its independent brand and operations. Kelvin Hou Kai will continue as Mtime’s chief executive officer.
According to Wanda, the companies will integrate their businesses through the creation of a new marketing platform as well as through further leveraging Mtime’s film merchandise manufacturing and brand licensing model.
Wanda is also the owner of U.S. movie entities including film studio Legendary Pictures and theater chain AMC.
“The resources owned by Wanda Cinemas and Mtime.com can well complement each other,” says John Zeng, president, Wanda Cinemas. “Wanda Cinemas is China’s largest theater operator with more than 60 million members and numerous film IP from China and abroad. The online resources and technologies Mtime.com has can help Wanda further activate the potential and power of the ‘ecological movie-going platform.’”
Click here to read more about Mtime in the June issue of License! Global.