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.