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China's richest man now to own 1,000 overseas cinemas after buying Nordic Cinema Group
   2017-01-24 15:56:47    CRIENGLISH.com      Web Editor: Ding Xiaoxiao

AMC Theatres, owned by China's Dalian Wanda Group, announced its acquisition of Nordic Cinema Group in a USD-930-million deal on Monday.

Wang Jianlin's Dalian Wanda Group announces an acquisition of Nordic Cinema Group worth 930 million US dollars on January 23, 2017. [File photo: baidu.com]

Nordic Cinema Group, the largest cinema company in Scandinavian and Baltic countries, has 118 cinemas and 664 screens in 50 cities.

After the deal, AMC owns 1,000 cinemas and 11,000 screens in North America and Europe, making it the largest movie theater company in the world.

Wang Jianlin, the head of Wanda Group and also China's richest man, is now one step closer towards the prospect of taking up a 20% share of the global cinema market, which Wang has set out to accomplish by 2020.

Revenues from cultural and entertainment related businesses accounted for more than a quarter of the company's total revenues in 2016, becoming a main pillar of the company, said Wang Jianlin earlier at Wanda's annual meeting.

Wang also said that currently Wanda owns 1,352 cinemas and 14,347 screens globally, accounting for 12% of the global box office sales.

The number includes those under AMC Theaters which Wanda bought with USD 2.6 billion back in 2012.

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