By David Twiddy
A Chinese conglomerate has completed its acquisition of AMC Entertainment Inc., creating the world’s largest theater exhibitor.
Dalian
Wanda Group. Co. Ltd. and Kansas City-based AMC announced Tuesday that
the deal, valued at $2.6 billion, had closed Thursday.
AMC,
the second-largest U.S. theater chain, will operate as a wholly owned
subsidiary of Wanda. The companies said AMC will retain control of the
movies and other programming shown in its theaters and will remain based
in the Kansas City area. It plans to open a new headquarters in Leawood
next year.
“All
of us at AMC are thrilled about our future with Wanda,” CEO Gerry Lopez
said in a written statement. “It allows us to continue expanding and
innovating in what is the world’s largest movie market.”
AMC
operates 338 theaters with 4,865 screens, mostly in the United States,
and Wanda operates 94 theaters with 805 screens in China. Its portfolio
includes luxury hotels, commercial real estate and department stores.
Showing posts with label Dalian Wanda Group Co.. Show all posts
Showing posts with label Dalian Wanda Group Co.. Show all posts
Tuesday, September 4, 2012
Monday, May 21, 2012
It's Official: China's Wanda Group to Buy AMC Entertainment
I
know that this is not a sports story but it deals with a Kansas City
company and an indoor activity (attending movies) that I talk about in
my Weekend Preview
Under a deal that would create the world's 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.
Under a deal that would create the world's 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.
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