A few podcasts ago our staff broached the subject of Wang Jianlin’s heavy interests in Hollywood. More specifically, the Chinese businessman, in January, purchased Legendary Entertainment for $3.5 billion. And if that’s not enough, Jianlin’s company, Dalian Wanda, wants to outright own one of the major movie studios before all is said and done.
Well, as one could have predicted, that has drawn the attention of the US Government. Senate Minority leader Chuck Schumer is wanting shall we say, more resistance to this movement. In a recent letter Schumer wrote, he said: Chinese acquisitions of U.S. media companies should be examined to determine whether they are being orchestrated by the Chinese government. The letter reportedly highlighted Dalian Wanda Group by name– this isn’t a surprise since Jianlin is China’s richest man.
It should also be noted that as of right now his group has a pending bid to purchase Dick Clark Productions for $1 billion. This production company has been known for being the owner of the Golden Globes as well as other popular award shows. In a way that’s quite startling to know someone from Communist China will have a firm grasp on Hollywood award programs that ultimately decide which works are worthy of recognition.
Schumer also went on to say in his letter: I am concerned that these acquisitions reflect the strategic goals of China’s government. He also added: While China’s government has aggressively pursued policies that encourage strategic acquisition in the U.S., U.S. companies continue to face steep barriers to market access in China.
Overall, Schumer made it clear that the 2017 iteration of Congress WILL make this a focal point to be addressed. However, one has to wonder if the US Government isn’t a little too late to the party. Why are they just now getting around to scrutinizing these acquisitions? And why is “they” really just one Senator? Don’t get me wrong, I personally agree that this needs to be addressed, and furthermore I’d like to point out that China has no issues editing the living daylights out of US films screened over there. Even worse, in some cases they won’t even release certain films, depending on the subject matter. Just this past summer, China wouldn’t release the rebooted ‘Ghostbusters’ because of a long held belief over there that ghosts and apparitions should be viewed as taboo.
So, I think it becomes obvious the dangers of having someone who is embedded in China’s belief system getting to have full control over a movie studio in the US. Time will tell if Mr. Jianlin gets his wish to own one of the big six studios in the next few years. My guess is he will come close simply based on how desperate Hollywood studios are becoming to finance films amidst diminishing returns at the box office. Nuff said.
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