Huanqiu recently interviewed Wang Jianling, CEO of Wanda, who told Huanqiu that China’s ability to export its culture overseas would be very difficult without acquiring and having control of the proper channels. Wang acknowledged that acquiring AMC has enabled Wanda to take a first step into the world’s culture industry. Wanda’s goal is to reach a 20 percent market share worldwide by 2020. Wang continued, “We plan to show three to five Chinese movies in the U.S. this year. I don’t care which movies will be shown but AMC must do so. Otherwise, we will fire the management. If we have worldwide channels like this, why should we be concerned about not exporting Chinese movies to the world?” Wang also claimed that Wanda might consider investing in some influential television stations overseas or participating in the distribution of English films worldwide. “Only through this, can we make culture infiltration possible and allow our culture to go out the door,” Wang said. Wanda Group recently announced a US$1.08 billion investment in building a Wanda Hotel in London and a US$483 million purchase of UK yacht builder Sunseeker. It was back in May 2012, that Wanda announced its acquisition of AMC, a U.S. Cinema chain, for US$260 million. The purchase made Wanda the largest owner of movie theaters in the world.
Source: Xinhua, July 11, 2013
http://news.xinhuanet.com/globe/2013-07/11/c_132525691.htm