Wanda's Film Unit Sold to China Ruyi Holdings

Wanda's billionaire founder Wang Jianlin is selling Wanda Film Holding Co. to China Ruyi Holdings Ltd. due to debt repayment pressure, marking the end of Wang's ambitions to rival Walt Disney Co. Wanda Film operates over 800 movie theaters and Australian cinema chain Hoyts Group, with investments in successful Chinese films. Despite challenges from China's economic slowdown and property market crisis, Wanda Film reported a profit of 692 million yuan for the third quarter, attributed to experience-led spending amid an uncertain economic outlook.