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.