Dalian Wanda Group, which is owned by China's richest man Wang Jianlin, has agreed to acquire Beijing-based movie e-commerce, news, and ticketing portal Mtime for $350 million, expanding its digital entertainment portfolio.

Dalian Wanda's deal with Mtime, which was officially announced on Wednesday, aims to provide Chinese consumers with "one-stop marketing solutions" for film studios and other media firms.

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Mtime will be placed under Dalian Wanda's publicly listed unit Wanda Cinema Line, which operates the biggest movie theater chain in the country. In 2015, Dalian Wanda acquired 20 percent of Mtime's shares. With the latest deal, Wanda will buy out early Mtime investors such as Fidelity Growth Partners Asia and Tiger Global Fund.

"The resources owned by Wanda Cinemas and Mtime.com can well complement each other," John Zeng, Wanda Cinemas' president, said. "The online resources and technologies Mtime.com can help Wanda further activate the potential and power of the 'ecological moviegoing platform.'"

Under the agreement, Mtime will still run independently, and Kelvin Hou Kai will remain as CEO and take on additional leadership responsibilities at Wanda. The company's media, technical, marketing, and merchandising teams will take over Wanda Cinema Line's operations in those respective areas, according to The Hollywood Reporter.

"The key business components of both companies provide an unprecedented opportunity to scale our services. I am very excited about what this new integration brings to both sides of the movie market," Hou said.

According to Variety, Mtime owns merchandise rights from studios such as Disney, Marvel Studios, Warner Bros.' DC Entertainment, and Universal Pictures. It has more than 800 product lines and allegedly owns the second biggest film database in the world with info, news, and reviews.

TagsDalian Wanda, Wanda, Mtime, digital entertainment, Acquisition