Chinese conglomerate Dalian Wanda's chairman and two units have agreed to sell a combined 51% stake in the controlling shareholder of Wanda Film to a company linked to Tencent-invested China Ruyi Holdings.
The sale of the stake in Beijing Wanda Investment will lead to a change of Wanda Film's ownership, Wanda Film said on Wednesday.
Shanghai Ruyi Investment Management, controlled by Ke Liming, chairman of the movie production and online streaming company Ruyi, is set to buy the combined 51% stake from sellers including Wang Jianlin, who was once China's richest man and is Dalian Wanda's chairman.
The two other sellers are Dalian Wanda's unit Beijing Wanda Cultural Industry Group, and a unit of the cultural business, Wanda Film said in a filing to the Shenzhen Stock Exchange.
Wanda Film did not specify the price for the stake sale, or how the sellers would use the proceeds.
