Golden Horse Zhang ZiyiJia ZhangkeZhang Yimou"Conspirators"Bona

China's Wanda Group to Buy AMC Entertainment

2012-05-21 14:03:06        hollywoodreporter.com/Chinese Films

Under a deal that would create the worlds largest cinema conglomerate, China's Dalian Wanda Group Co., Ltd. will acquire AMC Entertainment Holdings, Inc.

The transaction is valued at $2.6 billion. Wanda, based in Beijing, intends to invest up to $500 million in AMC strategic and operating initiatives over time.

"This acquisition will help make Wanda a truly global cinema owner," Wanda Chairman and President Wang Jianlin said in a statement. "We share with AMC a passion for the growth of the worldwide movie industry."

AMC, headquartered in Kansas City, Mo., employs about 18,500 people and owns 346 theaters. It is not believed the transaction will affect employment levels at the company.

"With Wanda as its partner, AMC will continue to seek out new ways to expand and invest in the movie-going experience," AMC CEO and President Gerry Lopez said in a statement.

The transaction is pending closing conditions and regulatory approval from the U.S. and China. The move comes after a line of investments Wanda has made in the entertainment sector since 2005. The group says it has more than $1.6 billion invested in entertainment and cultural activities.

Related News
Related News
v Wanda Group-Master of The Game 2012-05-11 11:33:38
v AMC in Talks with China's Wanda 2012-05-09 09:13:13
v AMC Said to Be Talking to Chinese Buyer Wanda 2012-05-09 08:57:59
What's Coming Up / What's On
News / Industry Inside
Chinese Film TOP5
Editor’s Weekly Pick
Cooperation
  About Us  |  Contact Us  |  CRI Online  |  CRI ENGLISH  |  SARFT  |  CRI Mobile  |  Oldies Online  | 24EN.COM