Chinese conglomerate Dalian Wanda Group is close to forming an alliance with Sony. The deal will provide Wanda with minority stakes in several of Sony's films.

Wanda is the world's largest theater-owning company. The deal is likely to involve co-financing and other collaborations.

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Wanda is looking to expand its entertainment empire. The group is targeting the global market with this deal. The upcoming collaboration will help Sony to get better access to the Chinese market where Wanda holds the top spot. Sony Pictures is likely to benefit from an active partner in expanding the global reach of its movies. 

According to Bloomberg, Wanda may agree to finance up to 10 percent of certain Sony movies.

Deadline reported that the deal is moving forward at fast pace and is likely to be concluded by next week. Under this deal, apart from financing, Sony will also benefit from Wanda's marketing strength in China. Deadline stated that the nuances of the deal are being sorted out by Columbia Pictures President Sanford Panitch, Sony Biz Affairs Chief Andrew Gumpert, SPE Motion Picture Group chairman Tom Rothman, and topWanda executive Jack Gao.

Wanda was also said to be in talks with Viacom to acquire a 49 percent stake in Paramount. However, Viacom has announced that the deal will not materialize.

Wanda is bullish about Hollywood films. The company bought Legendary Entertainment earlier this year for $2.5 billion. Wanda also owns three-quarters of AMC theaters in the US.  

TagsDalian Wanda Group, Columbia Pictures, Viacom, AMC theaters