Media industry analysts have warned that Hollywood has become so awash with Chinese funding that China now essentially owns and controls most of the Hollywood entertainment industry. A Beijing-based purchase of US film studio Legendary Pictures by Dalian Wanda Group represents the largest-ever film industry takeover by a Chinese company, with $3.5 billion spent on allowing China to become the second biggest box officer player in Hollywood. Yahoo News reports: Legendary, the maker of “Jurassic World,” “Godzilla” and the latest Batman trilogy, has grossed more than $11 billion worldwide since it was founded in 2005, mostly with the kind of big-budget blockbusters popular with Chinese audiences. “It’s a win-win situation… because the China market is really incredibly taking off and Hollywood has a real interest in that,” Stanley Rosen, a political science professor at the University of Southern California, told AFP. It is an arrangement that benefits both sides financially, with movies becoming increasingly expensive to produce but the Chinese hungry for Western-made films. But China, which has yet to make a global hit, is also buying expertise. “Hollywood has what China lacks, which is storytelling ability, marketing, distribution,” Rosen told AFP. Wanda owner Wang Jianlin, who burst into the international spotlight in [...]