U.S. regulators have given the thumbs up to the $3.5 billion deal that will see China’s Dalian Wanda Group acquire a majority stake in Thomas Tull’s Legendary Entertainment. The deal, initially announced last month, marks the biggest acquisition yet by a Chinese company of an American media player. Legendary Entertainment is the production company behind Godzilla, Pacific Rim, and the upcoming Godzilla vs. Kong.  The U.S. dept of Commerce has now given its greenlight for the deal to proceed. Wanda execs have claimed the combined company will be the highest revenue-generating film company in the world if and when the deal fully closes.

Chinese regulators, namely the National Development and Reform Commission and Ministry of Commerce, still need to approve the deal from their end. That process is believed to be relatively straightforward. Wanda, founded by one of China’s richest men Wang Jianlin, is a diversified conglom with interests in real estate, cinemas and production. It acquired AMC Entertainment Holdings in 2012 for $2.6B.