Home Business AMC Entertainment Buys Rival Carmike for $1.1 Billion

AMC Entertainment Buys Rival Carmike for $1.1 Billion

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AMC Entertainment is acquiring rival Carmike for $1.1 billion, creating the largest US movie theater chain.

AMC is owned by Chinese conglomerate Dalian Wanda.AMC Entertainment buys Carmike

The Carmike acquisition comes on the heels of Wanda buying studio Legendary Entertainment, the company behind blockbusters like Jurassic World and The Dark Knight.

Dalian Wanda, the world’s biggest movie theatre operator, took over AMC in 2012 for $2.6 billion.

The rapidly growing company is led by China’s richest man, Wang Jianlin.

Wang Jianlin has been looking to buy a Hollywood studio for several years and was reported to be in talks with DreamWorks Animation in 2015, but a deal was not announced.

AMC Entertainment currently has 387 locations and 5,426 screens while Carmike has 276 theaters with 2,954 screens.