Wanda to buy cinema giant AMC for $2.6 bn

| May 21, 2012

wanda_to_buy_cinema_giant_amc_for_2_point_6_billion_dollars_postnoon_news

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.

Tags: ,

Category: Business, Business News

About the Author (Author Profile)

Comments are closed.