Wanda, the China-based company behind the wildly popular Wanda Cinema chain, has signed a deal with Disney, the Hollywood giant announced Thursday.
The deal will allow the movie studio to license some of Wanda’s films to Walt Disney Studios.
The Walt Disney Co. will own the Wanda-owned movie studio, which is owned by China’s state-owned Zhejiang Group, in a deal that will be worth about $1.2 billion.
The Wanda deal, which includes the Waking Life and A Walk on the Wild Side films, marks the latest milestone for Wanda.
The company is expected to launch its own movie studio next year, the studio said.
The announcement was made at the Hollywood studios in Hollywood, Calif., as Wanda CEO Wang Jianlin visited with Walt Disney executives and the company’s board.
Disney CEO Bob Iger said Wanda is a company that will thrive in the future and that the company will continue to invest in the long-term, and that it will be a leader in the entertainment industry.
He said that the deal will benefit Wanda and its studios and suppliers, and help Wanda reach a more global audience.
Wanda shares fell nearly 1% to around 7,700 yuan ($961.80) in after-hours trading.
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Wanda said it will make the first of its many acquisitions in the coming years.
The agreement is expected at a time when Disney is looking to diversify its business.
In June, the company signed a $1 billion deal to acquire the entertainment-focused production company, the WNBA’s Atlanta Dream.
The Dream is headed to Atlanta next year and is one of the NBA’s most popular teams.
The acquisition will allow Disney to bring Dream’s business into its fold.
WANDA’S NEW CURRENCY Wanda will introduce a new cryptocurrency, WAN, as a digital currency to pay its employees, the Wall Street Journal reported Thursday.
It’s unclear whether the new currency will be used to buy and sell merchandise.
WANDAN, WHICH STARS IN “WALL-E,” HAS BEEN IN THE TRADE FOR SEVERAL YEARS Wanda Chairman Wang Jianlan has said that his company is ready to “open a new chapter in the history of cinema,” the WSJ reported.
Wang said last year that Wanda hopes to have “a film studio in China in the next 20 years.”
The company has been in talks with Hollywood about licensing its films, including Wanda films.
WANG JIANG, CEO OF WANDA, IS LOOKING TO BUILD UP THE FILM STORE IN CHINA Wanda plans to start a movie studio in a China city in the middle of the next decade, the WSZ reported.
The city will be called the “Wanda City” and will be home to a Wanda studio, Wanda chairman Wang Jianlian said.
“We are working with the city to develop a film studio there.
There is a lot of potential.
We will be the first Chinese company in the world to develop and operate a film and television studio,” Wang said.
WASHED ON A TRACK AUGUST 3, 2018 Wanda announced the signing of a contract to buy back $10 billion worth of Wanna.
The Chinese movie studio is a major investor in several major Hollywood films.
It has already purchased the rights to “The Matrix,” “The Hunger Games” and “The Jungle Book” in a bid to build a studio in the U.S. and Asia.
It plans to expand its distribution and sales of movies in China.
The Wall Street report did not say how much the company plans to buy the Wanna film franchise.
WAWA FILMS IN THE NEWS Wanda Entertainment announced that WAN has agreed to acquire Wanda Cinemas.
The purchase price will be $1,000 million, according to the report.
WONDER WOMAN AND OTHER FILMS Wanda made news in July when it said it was acquiring the movie rights to Wonder Woman.
Wonder Woman will appear in the upcoming “Wonder Woman” film and will also star Gal Gadot.
The news came as WAN was trying to buy Warner Bros., which owns the Wonder Woman film franchise, according the Wall St. Journal.
WAGAN SAYS THE MOVIE WILL START IN A FEW YEARS After Wanda acquired the WAN Cinemas film rights to the Wonder Man franchise in July, the movie maker announced plans to begin production next year.
WATCH: Wanda Announces $1B Deal With Disney