Hollywood selling itself to China a little at a time – IOTW Report

Hollywood selling itself to China a little at a time

Chow Mein Westerns! Sweet!

“Whoa, take ‘er easy there, Pirgrim.”

THR: 

Thomas Tull to Exit Legendary Entertainment.

Tull founded the studio in 2005 and sold to China’s Dalian Wanda Group for $3.5 billion in 2016.

In a major Hollywood executive shake-up, Legendary Entertainment chairman and CEO Thomas Tull is resigning under pressure from the company’s Chinese owner.

Tull, a former financial-industry executive who founded Legendary in 2005, sold the company to China’s Dalian Wanda Group for a reported $3.5 billion in early 2016. He had been retained as CEO, but sources say Wanda became frustrated with his management and recent projects such as The Great Wall and the currently shooting Pacific Rim 2.

The exit is a dramatic shift for Wanda, whose Hollywood ambitions were cemented when its Legendary acquisition became the largest purchase of a studio by a Chinese company. The deal helped transformed Wang Jianlin, Wanda’s chairman and China’s richest man, into a major entertainment power player considering he also owns AMC cinemas and Dick Clark Productions.

With Tull out, Jack Gao, Wanda’s CEO and senior vp international investments and operations, will lead Legendary as it seeks a full-time CEO. Mary Parent, the studio’s head of production, is said to be staying on and will receive the full financial backing of the company.  more here

7 Comments on Hollywood selling itself to China a little at a time

  1. I have little doubt they will make even more
    movies that are not worth a shit to go to. Pacific
    Rim 2? Really?
    We average about one theater trip about every
    eighteen months.

    They SUCK.

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