Monday, May 21, 2012

AMC purchased by Chinese company for $2.6 billion

Posted By on Mon, May 21, 2012 at 12:30 PM

AMC will continue to be locally based.
  • AMC will continue to be locally based.
First AMC announced that it was leaving downtown Kansas City, where it had been headquartered since 1920, and now its ownership has left the country. The Kansas City Business Journal reports that Dalian Wanda Group Co. Ltd., a privately held Chinese company, announced that it had snapped up AMC and its 346 multiplex theaters and 5,034 screens on Sunday night.

AMC is in the process of building a new headquarters in Leawood, and Wanda said the company will be based there. The Los Angeles Times reports that the purchase price was $2.6 billion. Adding Wanda's 730 screens in 86 multiplexes in China to AMC's theaters makes it the largest theater operator in the world.

According to the statement released by the companies, Wanda will invest $500 million "over time to fund AMC's strategic and operating initiatives."

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