Chinese entertainment and property conglomerate Dalian Wanda Group agreed on Tuesday to buy sports marketing company Infront Sports & Media for $1.2 billion.
Wanda acquired a 68.2 percent stake from European private equity firm Bridgepoint.
In recent years, Wanda has been on shopping spree, acquring cultural and entertainment companies.
Last month, the company bought a 20 percent stake in Atlético Madrid. In 2012, it purchased AMC Entertainment Holdings, the second biggest movie ehater chain, behind Regal Entertainment Group, founded in 1920 with headquarters in Leawood, Kansas.
‘‘We want to boost and strengthen the cultural industry,’’ ‘‘Our president has said he has three dreams: to make it into the World Cup, to host one and to win one,’’ ‘‘Infront has the capabilities and resources to help us accelerate the achievement of these three dreams,’’ Mr. Wang said.
Phillip Blatter, the president and CEO of Infront, said in the statement that would ‘‘jointly tackle a variety of major expansion projects.”
Wanda plans to generate 20 percent of its planned 100 Billion revenue in 2020 from overseas.
Mr. Stakebay says:
China’s largest real estate developer, and the world’s largest operator of movie theaters. By the words Chairman and Founder of Wanda this deal will drive the development of Chinese sports industry and its interest around the globe. Infront is a leading player in sports marketing industry with more than 600 employees in 13 countries.
CEO and Chairman of Dalian Wanda Group……… Wang Jianlin………net worth 25 billion (2014)
CEO and President of Infront Sports & Media…….Philippe Blatter ……..2005-present