AMC Discover Mills by valerierenee (Wikimedia Commons)

Wanda sells off AMC theatres stake for $426 Million

Wanda has had a controlling stake in the exhibition giant since 2012, but January’s Reddit-fueled rally saw the company trade in its super-voting Class B stock for Class A common stock, giving up control but giving it the option to cash out.

Chinese conglomerate Wanda Group has sold off essentially its entire stake in AMC Theatres, officially exiting the U.S. theatrical exhibition business.

Wanda has had a controlling stake in the exhibition giant since 2012, but January’s Reddit-fueled rally saw the company trade in its super-voting Class B stock for Class A common stock, giving up control but giving it the option to cash out.

And cash out it did. On Friday, AMC disclosed that Wanda sold all but 10,000 shares in the past week, netting $426.7 million. It previously sold three tranches last month for $220 million….

...visit Hollywood Reporter to read more

 

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