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Large Medium SmallDalian Wanda Group Co Ltd said late Tuesday that it has successfully completed the acquisition of AMC Entertainment Holdings Inc, becoming the largest cinema owner globally.
AMC is the world's second-largest theater chain, while Dalian Wanda is the operator of China’s largest movie theater chain by ticket sales.
The deal is valued at $2.6 billion.
Wanda will operate AMC as a wholly owned subsidiary under its existing brand. AMC will continue to control film programming and remain headquartered in the Kansas City metropolitan area.
AMC generated about $2.5 billion in revenue last year with about 200 million moviegoers. After suffering losses for three consecutive years, AMC posted a profit in the first half of the year with Wanda's investment.
The deal also made Wanda the world’s largest operator of IMAX screens by combining Wanda’s 94 theaters and 805 screens with AMC’s 338 multiplex theaters and 4,865 screens, including 2,171 3D screens and 124 IMAX screens.
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