Dalian Wanda Group Co., Ltd. (âWandaâ), a leading Chinese private conglomerate and Chinaâs largest investor in cultural and entertainment activities, and AMC Entertainment Holdings, Inc. (âAMCâ), a preeminent U.S. movie exhibitor, today announced that they have signed an agreement under which Wanda will acquire AMC, one of the worldâs largest theatre chains. The transaction is valued at approximately US$2.6 billion.
Wang Jianlin, Chairman and President of Wanda, said, âThis acquisition will help make Wanda a truly global cinema owner, with theatres and technology that enhance the movie-going experience for audiences in the worldâs two largest movie markets. Wanda has a deep commitment to investing in the entertainment business and is already the largest in this sector in China, with more than US$1.6 billion invested in cultural and entertainment activities since 2005. We share with AMC a passion for the growth of the worldwide movie industry. We look forward to partnering with AMCâs management team and employees to build on the many strengths of the company.â
As part of the transaction, Wanda intends to invest up to an additional US$500 million in AMC over time to fund AMCâs strategic and operating initiatives. Wanda has reached an agreement to secure the employment of AMCâs management team. AMC currently has approximately 18,500 employees. The transaction is not expected to have an impact on employee levels at AMC. AMCâs headquarters will remain in the Kansas City metropolitan area and day-to-day operations, including the process for film programming, will remain unchanged.
