Companies
AMC CEO: Wanda a ‘dream’ boss
An AMC theater on 42nd Street in New York . HEZI JIANG / CHINA DAILY
AMC Entertainment’s CEO praised Wanda Group’s involvement in the theater chain’s expansion and growth, calling the Chinese company a “dream shareholder” that has taken a hands-free approach to managing the Kansas City-based chain.
“Wanda has big, bold, broad vision,” said Adam Aron, who is also president of AMC Entertainment. “I was challenged as a new CEO of AMC to make AMC the biggest, best movie chain in the world. That was a very simple charge that I was given.”
Aron spoke on Thursday in New York at the Peking University Guanghua New York Forum, an annual gathering of Chinese and international business leaders. This year’s forum focused on China’s creative industries.
“Wanda is supportive of our reinvesting of $1 billion of our profitability into renovating theaters over the next 30 months,” he added, saying that Wanda, which owns 75 percent of AMC, has allowed the company to continue operations in Kansas City, where it was originally based.
AMC Entertainment, the second-largest movie chain in the US and in the world, announced in early March that it was acquiring the fourth-largest chain in the US — Carmike Cinemas — for $1.1 billion. When the deal closes later this year, the two companies put together will be the largest in the world.
This acquisition adds yet another chain to Wanda’s movie theater portfolio — they acquired the second-largest chain in Australia last year, and have begun talks with Indian multiplex owners to acquire properties within the Indian market, according to the business publication Mint.
“If Wanda, the leading movie company in China, owns AMC, which will soon become the largest theater chain in the world, that should demonstrate that China’s influence on the world of movies is growing,” Aron said.
He said that Chinese companies’ investment in the film industry overseas reflects the…
China
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Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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