Dalian Wanda Group unit Wanda Cinema Line has secured board approval to take over affiliate Wanda Media for 37.2 bn yuan, or about 6 billion US dollars, through the issuance of new shares.

Wanda Media owns Legendary Pictures, a division of the American film studio Legendary Entertainment.

Shenzhen-listed Wanda Cinema plans to acquire a 100% stake in Wanda Media after which Chinese billionaire Wang Jianlin’s stake in the company would be diluted to around 50 percent.