John Burke Quoted in Los Angeles Times on Wanda Group’s Movie Studio Sell-Off
P. John Burke, head of the entertainment practice at Akin Gump, has been quoted by the Los Angeles Times in the article “Wanda sell-off of massive Chinese movie studio is latest retreat from Hollywood,” which reports on Chinese billionaire Wang Jianlin, chairman of Dalian Wanda Group, selling his movie studio business. According to the Times, it is part of a broader sale of Wanda Group’s assets aimed at reducing debt.
“Clearly this indicates Wang is lowering his expectations and goals for the entertainment business,” said Burke. “People were looking at Wanda like they were the real deal. There’s a lot of tire kickers over here from China, but Wang clearly seemed to be a guy who could write checks and do the deal. Now people are scratching their heads.”