Chinese conglomerate Dalian Wanda Group Co. Ltd. has agreed to pay $3.5 billion for film studio Legendary Entertainment as it increases its focus on the entertainment industry. Wang Jianlin's property and services conglomerate Dalian Wanda Group Co. Ltd. confirmed a widely anticipated deal to buy film studio Legendary Entertainment for about $3.5 billion, adding a content producer to Wanda's film distribution capacity. The Burbank, Calif. target has pushed out blockbusters including the Batman trilogy, Jurassic World and The Hangover and its films have grossed more than $12 billion in bock office receipts. Its shareholders include Japan's SoftBank Group Corp, which in October 2014 pumped in an initial $250 million for an undisclosed stake reported at the time to be near 10%. Chairman and CEO Thomas Tull will remain in place as Legendary prepares to release its Warcraft film, which is based on Blizzard Entertainment's top-selling game. The Deal's Senior Reporter Lisa Allen has the details from New York.