China's Dalian Wanda Group Aims to Capitalize on U.S. Film Market
December 03, 2012
After purchasing AMC Entertainment for $2.6 billion back in September, the Dalian Wanda Group has its sights set on pushing further into the American film business.
Chairman Wang Jianlin confirmed that they are moving toward a deal with major North American studios that could result in a new co-production studio between China and America. Plans are for productions to be under way by the summer of 2016 at Wanda's planned production facility based out of northeastern China.
Additionally, the Dalian Wanda Group plans to spend $500 million renovating AMC's 4,865 screens at 338 theaters in the immediate future. Wang confirmed that 60 percent of the theaters have now converted to digital projection as part of those planned upgrades. He also reports that AMC will turn a profit of $20 million to $30 million this year, a significant turn-around from the chain's recent debt-laden history.
In China, Wanda operates 5,900 screens (all digital). They aim to reach $32 billion in revenue by 2015.
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