MUMBAI: Hollywood is attacting investments from China while opening up its own market in a limited way to the western movie world.
China-based Dalian Wanda Group has agreed to buy AMC Entertainment, the second largest movie theatre chain in North Amierica, for $2.6 billion.
Wanda, located in Beijing, intends to also invest up to $500 million in AMC strategic and operating initiatives over time as it aims to create the world‘s largest cinema theatre chain.
The move comes after a line of investments Wanda has made in the entertainment sector since 2005. “This acquisition will help make Wanda a truly global cinema owner,” said Wanda chairman and president Wang Jianlin in a statement. “We share with AMC a passion for the growth of the worldwide movie industry.”
The transaction is pending closing conditions and regulatory approval from the US and China. “With Wanda as its partner, AMC will continue to seek out new ways to expand and invest in the movie-going experience,” AMC CEO and President Gerry Lopez said in a statement.
The Wanda group has more than $1.6 billion invested in entertainment and cultural activities.
AMC, headquartered in Kansas City, employs about 18,500 people and owns 346 theatres.
Tag: AMC Entertainment
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China’s Wanda Group to buy AMC Entertainment for $2.6 bn
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AMC developing film on football
MUMBAI: Production house c is developing a period football drama entitled The Real All Americans.
The series is based on Sally Jenkins‘ book of the same name about Pennsylvania‘s Carlisle Indian Industrial School and its football programme created by U.S. cavalry officer and abolitionist Richard Henry Pratt.
The football programme had an outstanding record and numbered among its participants coach Glenn “Pop” Warner and Olympic athlete Jim Thorpe.
Tommy Lee Jones is in talks to direct the pilot, while Nicholas Meyer is writing the script.
The Carlisle Indian Industrial School was also the subject of the 1992 PBS American Experience documentary In the White Man‘s Image.
The last film on football was Friday Night Lights.