Dalian Wanda Group unit Wanda Cinema Line has secured board approval to take over affiliate Wanda Media for 37.2 billion yuan (about U.S.$6 billion) 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 percent stake in Wanda Media after which Chinese billionaire Wang Jianlin’s stake in the company would be diluted to around 50 percent.