Wanda Media Co. Ltd. Sets Sail

The launching ceremony of Wanda Media Co. Ltd and the announcement of the management team structure was held on May 26. Group Senior Vice-President Li Yaohan, Group Human Resource General Manager Liu Yongwang and the Wanda Media staff attended the meeting. The launch of the Media Co. marked the debut of Wanda Group in the media sector; Wanda was to engage in the whole business chain of film investment, production, distribution and post-production products, etc.

Group Senior VP Li Yaohan proposed three expectations for the development of the Media Co.. 1). The key tasks for the new company are team building and management building. Managers should perform as role models and staff should actively engage in self-development with the opportunities provided by the Wanda platform; 2) Lay solid groundwork, and formulate the rules and regulations of the company. Taking guidance from the rules and regulations of the Group, and adjust the business system of the company as needed, to make the business flow standardized, programmed and systemized, and design the management system on monitoring, assessment and incentives; and 3) Integrate the long term plan for company growth with down-to-earth day-to-day work. The Group will review the performance of the Media Co. in three years; the company will seek to become the no.1 company in the sector. During the three years, the Media Co. will focus on acquiring knowledge from historical business database and grab every opportunity to grow the business competence.

As the media industry in China continues to grow, and the Chinese film industry expands rapidly, several sources of investment were injected to the sector since 2005. The industry had been expecting Wanda’s venture into the sector with its good brand recognition and a broad cinema network. Although the Chinese box office revenue has surpassed 10 billion in 2010, the sector is still in an early growth phase with both challenges and opportunities. With this background, Wanda has been extremely cautious on the operation of the Media Co.. Wanda Media Co. will strive to run the business with standards, professionalism and high efficiency and become an outperformer in the sector.