Sony and Wanda Teaming Up on ‘Spider-Man: Homecoming,’ Other Films
Sony Pictures and the Dalian Wanda Group are partnering on a “multi-picture alliance,” which will help broaden Sony’s reach among Chinese filmgoers.
Though terms of the agreement are still being worked out and the pact has yet to close, Wanda is expected to take a roughly 10% stake in approximately four films, according to insiders. “Spider-Man: Homecoming” is one of the projects expected to be part of the new alliance. The comic book reboot hits U.S. theaters next July.
The deal, first reported by Deadline, will resemble alliances Paramount has struck with Chinese conglomerates such as Alibaba for tentpole films like “Transformers: Age of Extinction” and “Star Trek Beyond.”
Wanda is a massive real estate and entertainment conglomerate in China, and owns the country’s largest cinema chain. The deal would give Sony access to promotion to the Chinese audience, a burgeoning film market that is currently the world’s second largest. It would also give Wanda greater entree in Hollywood, where it has recently been on a buying spree, snapping up AMC and Odeon. It’s not a straight equity investment. The alliance calls for marketing support. In the case of “Spider-Man,” Wanda’s contribution will likely be helping with promotion in the Middle Kingdom, provided the film secures regulatory approval. Wanda will invest in other Sony films, but is not expected to have an ownership stake on the latest web-slinger film.
Wanda bought Legendary Entertainment earlier this year and was rumored to be a suitor for a minority stake in Paramount. That opportunity is now off the table, as Paramount’s new management has pulled the plug. But Wang Jianlin, Wanda’s chairman, has made no secret of his interest in ultimately buying one of the major studios.
Spokespeople for Sony and Wanda declined to comment.
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