Beijing: Chinese property group Wanda said Monday it had agreed to buy US cinema chain AMC Entertainment for $2.6 billion in a deal which will create the world’s largest movie theatre owner.
Wanda, a private firm whose interests range from commercial property to the arts, will invest a further $500 million in AMC for future strategic and operating initiatives, the companies said in a joint statement. Wanda’s portfolio includes 86 movie theatres in China with a total of 730 screens, as well as interests in film production and distribution.
Privately-held AMC operates 346 multiplex theatres mostly located in major US and Canadian cities with a total of 5,034 screens. AMC’s headquarters will remain in Kansas City in the US after the deal, the statement said.