AMC Theatre chain bought by Chinese conglomerate
BEIJING (KABC) -- A Chinese conglomerate is buying the AMC Entertainment Holdings for $2.6 billion. The acquisition will make the Dalian Wanda Group the world's biggest movie theatre operator. It is also China's biggest takeover of an American company yet.
The company says AMC's day-to-day operations will remain unchanged, and it will invest an additional $500 million to fund AMC's development.
Wanda said AMC's American management will remain in place and the headquarters will stay in the Kansas City area. It said staff numbers were not expected to be affected. The company employs some 18,500 people.
Wanda is a private company that operates hotels, department stores, tourism and other businesses around the world.
The Associated Press contributed to this report.
theater news, business
- Jet aborts takeoff after gear failure in Pa. 44 min ago
- Missing plane sent satellite signals for hours
- 'Flasher' suspect sought for exposure in OC
- LAPD Officer Lee honored at funeral service
- Stalking arrest in WeHo murder-for-hire case 40 min ago
- Inmate escapes jail hours after sentencing
- Big Bear Lake's pirate ship afloat again 10 min ago
- OC high-speed chase ends in police shooting
- SXSW continues in Austin after crash kills 2
- NYC explosion kills 8; rescuers resume search
- abcnews: Dog's healing effects on 2 wounded vets
- Bail refused for ex-NFL player Darren Sharper
- Amazon hikes Prime membership to $99 per year
- OTRC: Tina Fey talks 'Mean Girls' reunion rumors
- Intersection gets safety upgrades after death
22 min ago