It is also expected to finalize a deal this week to buy Dick Clark Productions for a figure in the range of billion.
Wanda’s rampant acquisitions have raised alarms in Congress, where several members have urged greater scrutiny of China’s use of “soft power.” That may scare off studios that might otherwise be interested in taking advantage of the 40% subsidy to shoot in Qingdao, Rosen said.
In 2012, it acquired AMC Entertainment for .6 billion.
A recent deal to purchase Carmike Cinemas for .1 billion would — if approved — make it the largest cinema operator in the U. The company has also moved aggressively into production, acquiring Legendary Entertainment earlier this year for .5 billion.
“The Hollywood companies will be able to see less cost and more return,” he said, through an interpreter.
“Chinese municipalities are competing to be better known,” he said.
“(Wang) is helping to put them on the map.” “Wanda has continually worked to advance international collaboration, and we are pleased to introduce Wanda Studios and the ambitious Qingdao Movie Metropolis to filmmakers around the world,” Wang said in a press release announcing the news.