Dalian Wanda Group, which owns the most movie theaters in China, will promote Sony Pictures' films in China, the world's second-biggest movie market.

Wanda, owned by Wang Jianlin, China's richest man, and Sony announced a deal on Friday under which Wanda also will co-finance some upcoming movie releases of Sony Corp's film unit in China.

The alliance will help Wanda extend its Hollywood footprint and further Wang's goal of making the group a global entertainment powerhouse.

Wanda said in a statement on its website the tie-up would use its consumer-facing infrastructure to bolster Sony Pictures' presence in China, which is on track to surpass the United States as the world's biggest probably by next year, according to industry executives.

"This partnership makes a lot of sense for both parties. Sony will benefit from smoother distribution and playback of its films in China and Wanda will be able to further integrate into the content development side of the business," said Ben Cavender, Shanghai-based principal of China Market Research Group.

"We are going to see more cooperation going forward...Tie ups make sense because a lot of Chinese companies are also becoming interested in film financing as a form of investment," he said.

This would be Sony Pictures' first partnership with Wanda, which has previously invested in movies made by Viacom Inc's Paramount Pictures unit, such as Teenage Mutant Ninja Turtles sequel, and would give Wanda a step into movie marketing.

Despite an economic slowdown and dipping ticket sales, China showed how it could still be a savior for Hollywood producers in June after Universal's $160 million blockbuster Warcraft managed to bring in $156 million in China in the first five days despite flopping in the US.

But the country's regulator restricts the number of imported films that theaters can show to 34 a year, a limit that exempts films which qualify as co-productions and meet other criteria. These films also have an easier time navigating censorship issues with industry watchdogs.

Profits at Sony's film unit fell 34 percent over the year to March after it struggled to achieve hits at the box office during that period.

Wanda declined to provide further details on the deal. Sony was not immediately available to comment.

Started by Wang as a property developer in China's northeast, Wanda owns theaters, massive shopping malls and amusement parks around the country.

The billionaire has said he wants to bring Hollywood technology and capabilities to China through acquisitions, telling Reuters in August that he was keen to buy Hollywood's "Big Six" studios and was close to sealing two billion-dollar film related deals.

Wanda already owns Legendary, co-producer of hits such as Jurassic World and The Dark Knight, which was the biggest US-China movie deal when it was sealed in January, and US cinema chain AMC Entertainment Holdings.

Besides Wanda, Chinese companies that have invested in Hollywood include Fosun International and Huayi Brothers Media Corp.