Metro-Based AMC Purchased by Chinese Conglomerate

Entertainment
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

KANSAS CITY, Mo. — Metro-based theater chain AMC Entertainment, Inc. has been purchased by a Chinese conglomerate after over a year of negotiations.

Dalian Wanda Group Co., Ltd., a privately-owned Chinese conglomerate has purchased AMC for $2.6 billion, creating what is being described as the world’s largest cinema chain.

“This acquisition will help make Wanda a truly global cinema owner, with theaters and technology that enhance the movie-going experience for audiences in the world’s two largest movie markets,” said Wanda chairman Wang Jianlin in a statement.

According to the company, Wanda has around $16.7 billion in annual revenue and $35 billion in assets focusing on five major areas, including commercial properties, luxury hotels, tourism investment, department stores and cultural businesses. Its portfolio includes 86 theatres and a total of 730 screens as well as large-scale stage show, film production and distribution, entertainment chains and Chinese calligraphy and painting collections.

AMC operates 346 multiplex theaters mostly located in major metropolitan markets in North America, and a total of 5,034 screens, including 2,336 3-D screens and 128 IMAX screens.

According to Wanda, AMC’s headquarters will remain in the Kansas City metropolitan area and day-to-day operations, including the process for film programming, will remain unchanged. AMC currently employs 18,500 people across the nation.

The purchase will make AMC a wholly-owned subsidiary of Wanda.

Popular

Latest

More News