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Odeon & UCI Cinema Group bought by AMC | Odeon & UCI Cinema Group bought by AMC |
(35 minutes later) | |
Odeon & UCI Cinema Group has been bought by AMC Entertainment, a US chain owned by Chinese conglomerate Dalian Wanda, in a deal worth £921m ($1.21bn). | Odeon & UCI Cinema Group has been bought by AMC Entertainment, a US chain owned by Chinese conglomerate Dalian Wanda, in a deal worth £921m ($1.21bn). |
Odeon & UCI is currently owned by private equity firm Terra Firma, and has 242 theatres with 2,236 screens. | Odeon & UCI is currently owned by private equity firm Terra Firma, and has 242 theatres with 2,236 screens. |
Dalian Wanda, the world's biggest movie theatre operator, is led by China's richest man Wang Jianlin. | Dalian Wanda, the world's biggest movie theatre operator, is led by China's richest man Wang Jianlin. |
Odeon & UCI will continue to be based in London and will operate as a subsidiary of AMC. | Odeon & UCI will continue to be based in London and will operate as a subsidiary of AMC. |
Adam Aron, AMC's chief executive and president said: "This is a once-in-a-generation opportunity to acquire Europe's leading cinema chain and create the world's biggest and best theatre operator." | |
He said there were uncertainties created by Brexit, but added "we are encouraged that current currency rates are highly favourable to AMC with the pound falling to a three decade low versus the dollar". | |
Entertainment empire | |
The addition of Odeon & UCI will mean AMC has 627 theatres and more than 7,600 screens in eight countries. | |
The sale is still subject to competition clearance from the European Commission. | |
David Hancock, head of film and cinema at IHS Technology, said: "AMC is part of the Wanda group, which includes screens in China, AMC in the US, Hoyts in Australia and now Odeon UCI in Europe: all major exhibitors in their part of the world and making Wanda the largest global cinema exhibition group. | |
"In addition, Wanda has built the world's largest film production studio in China and acquired Legendary Entertainment, a US producer of blockbuster features, as well as assets in big data, entertainment marketing and gaming distribution." | |
AMC was bought by Dalian Wanda Group in 2012. | |
AMC is still in the process of trying to buy US movie theatre operator, Carmike Cinemas. | |
It said the Odeon & UCI sale did not affect its ability to complete the Carmike deal. | |
But Mr Aron said there was a risk the purchase could fall through because some of Carmike's shareholders had an "unrealistic view" of the company's value to AMC. |