Sony said close to motion picture alliance with China’s Wanda

Los Angeles: Sony Corp. and the Dalian Wanda Group Co., the world’s largest theater owner, are close to an agreement to collaborate on a number of movie projects, according to a person with knowledge of the matter.

An accord could involve co-financing and other forms of cooperation, such as marketing, said the person, who asked not to be identified because the matter is still private. Wanda may finance up to 10% of some films, the person said.

The deal would ally Sony Pictures, a studio that has struggled to find hits in recent years, with a theater owner that’s become an active investor in the movie business worldwide. Sony, whose franchises include “Spider-Man,” could gain greater access to China, where Wanda is the largest exhibitor.

Wanda, controlled by billionaire Wang Jianlin, China’s second richest man, has been an active investor in the movie business, snapping up the independent film producer Legendary Entertainment for $3.5 billion in January and more recently agreeing to buy US theater operator Carmike Cinemas Inc. through its AMC Entertainment Holdings Inc. movie chain.

The news was reported earlier Wednesday by Deadline.com.

Wanda is seeking concessions from the Indian government for its $10billion investments, including its proposed industrial park in Harayana. the Economic Times reported on September 20.

The Chinese conglomerate has also initiated talks with Indian multiplex owners to acquire assets and enter the Indian market, Mint reported on May 5.

Bloomberg