Chinese Group To Spend $10 Billion On Movie Biz

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Buying AMC Entertainment -- the second-largest U.S. theater chain -- for $2.6 billion is just "the first step" of a $10-billion investment in the U.S., which will likely include the purchase of additional theaters, a joint venture in film production, hotels and retail stores, the head of China's Dalian Wanda Group said at a news conference in Los Angeles on Tuesday. Appearing at a news conference with AMC CEO Geraldo I. Lopez and IMAX CEO Richard Gelfond, Wang Jianlin, chairman and president of Wanda, said that he planned to meet with major film executives during his visit. "We're seeking to work with the most famous studios in Hollywood to produce quality films," Wang said in a separate interview with the Los Angeles Times .

05/09/2012


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