Chinese Firm Spends $2.6 Billion To Acquire AMC Cinema Chain

LOS ANGELES (CBS) — A Chinese conglomerate — the Dalian Wanda Group — has announced they have acquired US-based AMC cinema for $2.6 billion.

The acquisition now makes Wanda the world’s largest movie theater company.

AMC, a Kansas City, Missouri-based company was founded in 1920 by three brothers — Maurice, Barney and Edward Dubinsky.

With 5,325 screens, AMC was the second-largest theater chain in North America. They were second to Regal Entertainment (6,775 screens.)

AMC already had a global reach with theaters in Hong Kong, Spain, France, Canada and the UK.

Wanda also announced the deal included absorbing AMC’s debts and investing an additional $500 million into the merged company.

Wanda made their money from real estate, luxury properties and department stores. They own 86 theaters across China.


One Comment

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Los Angeles

KNX 1070 Newsradio

Listen Live