AMC Entertainment Holdings Inc., controlled by China’s richest man, agreed to buy Carmike Cinemas Inc. in a $1.1 billion all-cash deal that would create the world’s largest cinema chain.
AMC, majority owned by billionaire Wang Jianlin’s Dalian Wanda Group Co., will pay $30 a share for Carmike, a 19 percent premium over its closing stock price Thursday, according to a statement from the companies. The agreement combines the second- and fourth-biggest U.S. movie theater chains and vaults the resulting entity past Regal Entertainment Group.
The deal, the latest sign of China’s growing influence in the movie industry, comes as exhibitors have been investing heavily in their chains, competing for fans with bigger screens and luxury seating.
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All of the American money spent in China is coming home to roost.
ReplyDeleteIts purchasing power is best right here in the USA. We will see many rich Chinese come here and buy up large swaths of America.