Chinese Billionaire Makes Aggressive Moves in Hollywood

The Dalian Wanda Group could be intent on learning the arts of soft power. After the Chinese conglomerate purchased a Hollywood production company and a large movie theater chain for a combined $6 billion, 16 members of US Congress urged the comptroller general to consider if new standards should be applied to similar foreign acquisitions. The September 15 letter raises the possibility of Chinese control of the media and subsequent censorship or propaganda. “The brash executive has proclaimed his desire to acquire one of the six major Hollywood studios and vowed to ‘change the world where rules are set by foreigners,’” reports the Los Angeles Times. US anti-trust laws prohibit film companies from owning theaters, and Wanda’s ties with the Communist government have triggered suspicions about what might otherwise be routine business transactions. As Chinese investors seek opportunities to profit in the United States, legislators weigh in whether this is normal outgrowth of a globalized market or attempts to gain influence. – YaleGlobal