Wanda to acquire PE-backed Chinese movie portal Mtime
China’s largest cinema group Wanda Cinema Line has agreed to assume full control of Mtime.com, a local online movie ticketing platform backed by several VC investors, in a deal worth $280 million.
Shenzhen-listed Wanda Cinema, which acquired a 20% stake in Mtime last year, will buy the remaining 80% from investors including Tiger Global Management and Eight Roads Ventures, formerly called Fidelity Growth Partners.
Mtime will maintain its independent brand and operations after the acquisition, according to a filing. Wanda Cinema said it will partner with Mtime to initiate an all-around integration of their respective online and offline resources and businesses, with a view to developing a long-term and sustainable ecosystem around movies.
Beijing-based Mtime was founded in 2005 by Kelvin Hou, a former Microsoft executive. It was originally a movie listings site but subsequently expanded to incorporate movie news, aggregation of user-submitted reviews and online ticketing. The company has also gained merchandising rights from US studios including Disney, Marvel Studios, Warner Brothers, DC Entertainment and Universal Pictures.
AVCJ Research records show that Mtime raised three rounds of funding between 2007 and 2013. Draper Fisher Jurvetson (DFJ) invested an undisclosed sum in 2007 and then Tiger Global provided $10 million in 2009. Two years ago, the company received about $10 million from Eight Roads and existing investors.
Wanda Cinemas, a subsidiary of Chinese conglomerate Dalian Wanda Group, accounts for 15% of total box office sales in the country. The cinema operator acquired the group's movie-making affiliate Wanda Media in a $5.7 billion cash and stock swap deal in June, facilitating an exit for 33 existing shareholders, including Hony Capital.
Wanda Media comprises film production and distribution business Wanda Pictures as well as Hollywood film production studio Legendary Entertainment - acquired by Wanda for $3.5 billion earlier this year.
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