Dalian Wanda Group Co. announced on Tuesday that it has acquired US-based movie studio Legendary Entertainment for no more than $3.5 billion in cash, making it the nation’s largest cross-border cultural acquisition so far. 

Chairman Wang Jianlin also said at the press conference that it is expected to package Legendary with his company's movie production and distribution assets in China for an IPO this year, further details were not disclosed.

Wang said Wanda’s purchase of Legendary is due to the fact that the company has a large number of intellectual properties (IPs), and the merger will not only focus on movie cooperation, but it is also inline with the development of recent moves, as Wanda is exploring the tourism and entertainment industries. “The purchase will increase the presence of Wanda in the global cinema market,” Wang said.