BEIJING, China – Chinese conglomerate Wanda announced Monday that it will buy the U.S. company American Multi-Cinema (AMC), which manages hundreds of movie theaters in the U.S. and Canada. As such, China will then become the world’s largest owner of cinemas.
The Wanda Chinese private group, which has a hundred theaters in China, is also doing business in real estate and tourism. The company will pay 2.6 billion dollars to buy AMC.
Once sale is completed, the Chinese group will control more than 5,000 cinemas in the U.S. and Canada, with an attendance of approximately 200 million viewers according to the joint statement issued Monday by the two companies.
The Chinese company, founded by the entrepreneur Wang Jianlin who is considered the sixth richest man in Asia, pays more than 16.5 billion and employs 50,000 people in China alone, this according to company sources who have inner knowledge of the Wanda’s workings.
Wanda said that despite losses in recent quarters by AMC in both US and Canada, they have no plans to reduce the number of employees of the company which amount to 18,500. They also said that they plan to invest another $500 million in the expansion of AMC.