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| Ben Cavender |
Reuters:
The alliance will help Wanda extend its Hollywood footprint and further Wang's goal of making the group a global entertainment powerhouse.
Wanda said in a statement on its website the tie-up would use its consumer-facing infrastructure to bolster Sony Pictures' presence in China, which is on track to surpass the United States as the world's biggest probably by next year, according to industry executives.
"This partnership makes a lot of sense for both parties. Sony will benefit from smoother distribution and playback of its films in China and Wanda will be able to further integrate into the content development side of the business," said Ben Cavender, Shanghai-based principal of China Market Research Group.
"We are going to see more cooperation going forward...Tie ups make sense because a lot of Chinese companies are also becoming interested in film financing as a form of investment," he said.
This would be Sony Pictures' first partnership with Wanda, which has previously invested in movies made by Viacom Inc's Paramount Pictures unit, such as "Teenage Mutant Ninja Turtles" sequel, and would give Wanda a step into movie marketing.More in Reuters.
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