News | May 30, 2012

Chinese Billionaire Wanda Buys AMC Entertainment Holdings

News | May 30, 2012

By Alison Cavatore

Image: Washington Post

Beijing-based Dalian Wanda Group Co recently bought AMC Entertainment Holdings. Purchased for $2.6 billion, AMC Entertainment Holdings is set to become the largest movie theater operator in the world.

In total, Wanda has purchased more than 5,000 screens in the United States, making them the owner of the world’s largest chain of cinemas. They are expected to raise another $500 million for further development of the project and also own 86 theater properties in China. AMC owns 346 cinemas primarily in the U.S. and Canada, and is reported to have 23 of the 50 highest-grossing outlets in the United States alone.

Source: Luxury Launches