{"id":13167,"date":"2012-05-22T05:05:52","date_gmt":"2012-05-22T05:05:52","guid":{"rendered":""},"modified":"2025-10-15T11:49:23","modified_gmt":"2025-10-15T11:49:23","slug":"chinese-conglomerate-creates-world-largest-theater-group","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=13167","title":{"rendered":"Chinese conglomerate creates world largest theater group"},"content":{"rendered":"

The Wanda Group, a Chinese conglomerate with extensive interests in the entertainment business, has agreed to acquire AMC Entertainment, North America\u2019s second-largest movie theater owner, in a deal that is valued at $2.6 billion, including roughly $2 billion in assumed debt, the companies said.<\/strong><\/p>\n

The acquisition creates the world\u2019s largest theater group.<\/strong> It also represents a significant expansion of Chinese influence in the American film industry.<\/strong> The industry has been looking to China for a vast new reservoir of ticket buyers for Hollywood movies, while joining Chinese investors to produce films like the planned \u201cIron Man 3\u201d and teaming up to build studio facilities and a new Disney theme park in China.<\/p>\n

Wang Jianlin, chairman and president of Wanda, said his goal was to own theaters covering 20 percent of the world theater market by 2020.<\/strong> Speaking through a translator on Sunday, Mr. Wang said his aim for the circuits was to \u201ccombine, and synergize and make them profitable.\u201d <\/p>\n

The current deal offers Wanda a point of entry to the North American movie market.<\/strong> Its box-office, with about $10.2 billion in ticket sales last year, remains nearly five times the size of China\u2019s, which is now the world\u2019s second largest, with more than $2 billion in annual sales. <\/p>\n

For details on the deal, please read www.wsj.com<\/a><\/em>
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