Dalian Wanda Group, the Chinese property-to-entertainment conglomerate masterminded by Asia’s richest man Wang Jianlin, has said it is planning five “substantial” acquisitions in the sports and entertainment sectors this year.
The Bloomberg news agency stated that Wanda chairman Wang Jianlin said at a briefing in Hong Kong yesterday (Tuesday) that the group’s pursuit of targets will focus on companies in the entertainment and sports industries, without naming any particular firms.
Earlier, Wanda said it is seeking to complete three overseas and two domestic purchases , excluding cinema chains.
Wang’s declarations come after a busy 2015 for the Wanda Sports Holdings division. In November, Wanda closed a deal to acquire the World Triathlon Corporation (WTC), the parent company of the Ironman triathlon series.
The $650m (€601.9m) deal for WTC was first announced in August and further strengthened Wanda’s position within the global sports industry. Earlier in 2015, the conglomerate invested significantly in the Infront Sports & Media agency and Spanish LaLiga football club Atlético de Madrid.
Wanda Group convened its 2015 annual meeting on Saturday, where Wang reported on its performance in 2015 and announced the targets for 2016. Wanda Sports Holdings annual revenue reached RMB5.87bn (€831.8m/$898.5m), exceeding targets by 132.7 per cent. Wanda Sports Holdings is targeting revenue of RMB7bn in 2016.
Source: Sportbusiness
Proofread by John Devlin