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Sixteen U.S. Congressmen Jointly Wrote GAO on the Chinese Attempt to Control U.S. Media

Well-known Chinese news site Sina recently reported that 16 U.S. Congressmen wrote a joint letter to the Government Accountability Office (GAO) calling for an investigation into a series of acquisitions that the Chinese Wanda Group has made. In January, Wanda acquired Legendary Entertainment for US$3.5 billion. As the result of a 2012 acquisition (US$2.6 billion), it also became the owner of the AMC Theaters, which made Wanda the largest theater operator in the world. Wanda has been expanding its presence in the global movie industry, covering the entire food chain from upstream movie producing all the way to the downstream retail theaters. Wanda recently attempted to acquire 49 percent of Paramount; it announced its strategic partnership with Sony Motion Pictures on September 22, and is currently negotiating a US$1 billion acquisition of Dick Clark Productions, which produces the American Music Awards and the American Country Countdown Awards.

Source: Sina, October 7, 2016