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
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