Wang Jianlin speaks at the news conference in Beijing to announce the company's purchase of Swiss Sports Group Infront, Feb 10, 2015. [Photo/IC]

Francis Kwok, marketing director of the Bright Smart Securities Ltd based in Hong Kong, said: "I would say that ATV is not an attractive asset.

"Television stations have been facing a cash crunch after advertisers started shifting to new media channels. Huge inputs of time and energy are needed to revive ATV. However, a white knight with strong capital does have its advantages," he said.

Wang's fortune almost doubled within three months to above $28 billion, after his property units and cinema chain went public in December and January, respectively, according to the Bloomberg Billionaires Index. That moved him closer to China's richest man, Alibaba Group Holding Ltd's Jack Ma, who was worth about $34.4 billion on Tuesday.

Wanda announced a 45 million euro ($39.87 million) deal to buy a 20 percent stake in Spanish soccer club Atletico Madrid in late January and is now in talks to buy a stake in Lions Gate Entertainment, the Hollywood film studio. A $1.2 billion luxury apartment and office development in Beverly Hills Wanda bought last August is also expected to aid the group's entry to the Unites States' film industry.

Net profit for Wanda Group would reach 60 billion yuan, of which over 20 percent would come from overseas, while sales from cultural, tourism, finance and e-commerce businesses will speed up the company's diversification, the company said in a statement in late January.