Chinese conglomerate Dalian Wanda Group has purchased Hollywood film studio Legendary Entertainment for a reported $3.5 billion, turning the company's chairman Wang Jianlin, who is China's richest man, into a Hollywood movie mogul.

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The news was confirmed during a press conference in Beijing on Tuesday, where Wang announced that he plans on combining Legendary with his existing movie industry assets in China as well as selling shares of the merged operation during an initial public offering in hopes of expanding China's influence in the Western entertainment industry and in Asia.

Meanwhile, it has been announced that Legendary founder Thomas Tull, will remain CEO.

Jianlin gave no further details on his IPO plans, but is said that he acquired Legendary Entertainment's intellectual property rights as well rights to all the movies that have been produced by the Hollywood company.

The deal is said to be the "largest culture acquisition made overseas." It comes as Jianlin accelerates his drive to diversify the entertainment industry in both China and the United States. Legendary has produced a numerous number of box office hits including Jurrasic Park,, Batman, Pacific Rim and The Godzilla franchise.

Jianlin apparently sees this deal as an opportunity to expand China's entertainment empire to The United States and around the world.

Legendary will be joining the Dalian-Wanda group's entertainment portfolio, which already includes AMC Entertainment Holdings, Inc., Infront Sports & Media AG as well as Spainish soccer Club Atletico De Madrid.

Dalian Wanda Group purchased the California-based Burbank company last week.

TagsDalian Wanda, hollywood