AMC Theatres, which has two cinema multiplexes in Lawrenceville, has been sold to a Chinese firm for $2.6 billion, according to the Los Angeles Times.
For Dalian Wanda, acquiring AMC gives it a pipeline into two of the world's largest theater markets — and more clout in negotiating with major Hollywood studios eager to expand into the rapidly growing Chinese market, the Times reported.
What do you think about the sale of AMC Theatres? Tell us in the comments below.
AMC operates the and multiplexes in Lawrenceville. It has a total of 346 multiplexes nationwide.
Last year, China saw a 30 percent increase in box-office sales, to $2.1 billion. This year it passed Japan as the biggest foreign market for Hollywood films.
The AMC acquisition fits China's strategy of forming alliances with American companies to expand its entertainment industry and extend its global influence, or "soft power," the Times reported.
For JPMorgan, Apollo and the other AMC owners, the sale enables them to unload a property they acquired in 2004.