Why did Wanda sell AMC?

The company began selling down its AMC holdings in 2018, soon after Chinese regulators targeted Wanda and other private conglomerates including HNA Group, Anbang Insurance and Fosun International over their aggressive, debt-fueled purchases of overseas assets. Banks were told to curtail funding for these deals.

What percent of AMC is owned by china?

Wanda, which bought AMC in 2012 for $2.6 billion, cut its stake and voting power in the company to 9.8% as of March 3, AMC said in its annual report.

Did Dalian Wanda sell AMC?

China's Dalian Wanda Group has dumped almost all of its remaining holdings in AMC Entertainment for $426 million, bringing its stake down to just 0.002%, according to a Friday regulatory filing. ... Read More About: Amc Entertainment Holdings, China, Dailan Wanda Group. May 21, 2021

Does Wanda Group still own AMC?

LEAWOOD, Kan. --(BUSINESS WIRE)-- AMC Entertainment, the world's largest operator of movie theatres, announced today that its heretofore largest shareholder, the Wanda Group, has sold this week most of its remaining shares in the movie theatre company .

How many AMC shares did Wanda sell?

In all, Wanda sold 30.4 million shares between May 13 through May 18 for roughly $426.9 million. Shares of AMC fell 3.8% Friday to $12.08 following news of the stock sale. The filing didn't provide a reason for the sale, and a Wanda representative was unavailable for comment.

Is AMC still owned by China?

The company is listed on the New York Stock Exchange; from 2012 to 2018, the Chinese conglomerate Wanda Group owned a majority stake in the company. ... AMC Theatres. AMC Entertainment Holdings, Inc. previous headquarters in Kansas City, Missouri Operating income US$−0.93 billion (2021) Net income −US$1.27 billion (2021) 18 more rows

How much of US stocks are owned by China?

As an estimate, Chinese securities account for less than 2% of the total portfolio of U.S. investors.

How much did Wanda make in AMC?

Wanda Sells AMC Theatres Stake For $426 Million – The Hollywood Reporter.

How much did Wanda pay for AMC?

Wanda acquired AMC in 2012 for US$700 million .

Why is AMC being sued?

A pension fund sued AMC and members of its board Monday, claiming they're illegally empowering holders of nearly a billion fractional preferred shares called “APEs" —each worth 1/100th of a supervoting preferred share—in an end run around investors' votes rebuffing their efforts to increase the class A share limit.

Why did Wanda get rid of mutants?

During 2004's House of M, Wanda sought to punish her father for valuing mutant superiority over the wellbeing of his children . Uttering the words, "No more mutants," she used her powers to all but erase the mutant gene.

Chinese Wanda Group Exits AMC Theatres Ownership

Erik Gruenwedel

May 21, 2021

Dalian Wanda Group, the multi-industry Chinese company that acquired AMC Entertainment for $2.6 billion in 2012, has quietly liquidated most of its shares in the world’s largest theatrical exhibitor.

Wanda America Entertainment May 21 in a regulatory filing disclosed reducing its AMC stake to stake to 0.002% — down from 6.8% in early April. The company has been reducing its shares as the pandemic continued undermining much of the exhibitor business worldwide through closures, limited movies from studios and reduced seating capacity, among other issues.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

In addition, Wanda saw its shares in AMC further diluted earlier this month when the exhibitor sold 43 million shares to institutional investors, raising $428 million in new equity funding in the process.

“Wanda has been a terrific shareholder of AMC for almost a decade,” CEO Adam Aron said in a statement. “Under their ownership, AMC became the biggest movie theater operator in the world. Importantly, Wanda also has supported our reinvesting billions of dollars to upgrade and enhance our network of theaters for the benefit of moviegoers throughout the United States, Europe and the Middle East. I salute Wanda for the immensely constructive role they played in building our company, and want to express my sincerest appreciation and affection for their wise counsel and friendship.”

Interestingly, AMC shares are up more than 470% this year largely due to individual day traders crowdsourcing moves on the exhibitor, and separately video game retailer GameStop, via Reddit forums.

Former Home Entertainment Executive Draws AMC Theatres' Ire
In early August, Tom Lesinski, a former president of Paramount Home Entertainment and, before that, one of Warren Lieberfarb's top lieutenants at what was then Warner Home Video, was named CEO of National CineMedia, which sells advertising for in-theater movie…
AMC Networks Acquires Majority Stake in RLJ Entertainment
AMC Networks is acquiring majority stake in RLJ Entertainment, in a deal that values Robert L. Johnson’s erstwhile home entertainment distribution company around $60 million. AMC previously owned 26% of RLJE with Johnson – founder of B.E.T. (Black Entertainment Television)…
Air Bud Entertainment Inks Deal with Chinese Online Video Platform
Air Bud Entertainment, which produces talking, singing and dancing animal films, has entered into an exclusive licensing agreement withChineseonline video platform iQiYi. The deal incorporates all ABE-branded content, including those films created with Disney —Air BudandDisney Air Buddies— and the“MVP”franchise,…
AMC Entertainment Selling 50 Million Shares for $125 Million
Fiscally challenged AMC Entertainment, parent of world's largest movie theater chain, AMC Theatres, is selling 50 million shares of Class A Common Stock to generate about $125 million in much-needed funding. AMC said it will use the proceeds for "general…

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Chinese Wanda Group Exits AMC Theatres Ownership - Media Play News (2024)

Related Posts

FAQs

Why did Wanda sell AMC? ›

Why is AMC being sued? ›

AMC Entertainment Holdings, Inc. previous headquarters in Kansas City, Missouri
Operating income	US$−0.93 billion (2021)
Net income	−US$1.27 billion (2021)