China's Dalian Wanda Group will buy a controlling stake in Hollywood film studio Legendary Entertainment in a deal valued at $3.5bn (£2.4bn).

The announcement, made at a press conference by both firms in Beijing, comes after a week of rumours about a possible deal.

Wanda is the world's biggest movie theatre operator with a majority stake in the US chain AMC.

The rapidly growing group is led by China's richest man Wang Jianlin.

Wang has been looking to buy a Hollywood studio for several years and was reported to be in talks with DreamWorks Animation last year, but a deal was not announced.

Legendary is the maker of blockbuster hits such as Jurassic World, the Dark Knight Batman trilogy and Godzilla.

Chairman and chief executive Thomas Tull, who also started the company, will remain as the head of the studio.

(BBC)