China’s Dalian Wanda Group is selling a $1.24 billion stake in its listed film unit to a pair of investors led by Alibaba Group Holding Ltd, as the conglomerate looks to bring in strategic partners and raise new funds.
The property-to-entertainment firm will sell the combined 12.77 percent in Wanda Film Holding Co Ltd to e-commerce giant Alibaba and state-backed Cultural Investment Holdings Ltd for a total of 7.8 billion yuan ($1.24 billion).
