Newspaper article International New York Times

2 Movie Chains in U.S. Plan to Combine

Newspaper article International New York Times

2 Movie Chains in U.S. Plan to Combine

Article excerpt

The deal is a bold effort by AMC's controlling investor, Wang Jianlin of the Dalian Wanda Group of China, to consolidate the American cinema industry.

In a significant consolidation of movie theater holdings, AMC Entertainment will acquire Carmike Cinemas for about $737 million in cash, forming America's largest chain, with more than 600 theaters, the companies have said.

Under the terms of the deal, AMC will pay $30 a share, up 19 percent from Carmike's closing price on Thursday. Including the assumption of debt, the transaction is valued at about $1.1 billion.

The deal would be the biggest by AMC since it returned to the public markets in a 2013 stock sale. And it represents a bold effort by AMC's controlling investor, Wang Jianlin of the Dalian Wanda Group of China, to consolidate the American cinema industry. …

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