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AMC's largest investor gave up much of its power after the cinema company reported a $ 4 billion loss last year amid the COVID-19 pandemic The private Chinese conglomerate Dalian Wanda Group, which invests in shopping...
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(Bloomberg) - Dalian Wanda Group CoThe conglomerate founded by the Chinese billionaire Wang Jianlin has its majority control over AMC Entertainment Holdings Inc After the world's largest cinema chain reported a record loss of $ 4 billion for 2020 amid repeated bankruptcy warnings, Wanda, which bought AMC for $ 2 billion in 2012, reduced its stake and voting rights in the company to 98% as of 3 March, AMC said in its annual report The group continues to be the largest shareholder in AMC, said movie chain's chief executive officer Adam Aron in a call for profits by October, Wanda had owned 377% of the Leawood, Kansas-based firm and 645% of its Wanda's dwindling stakes in AMC mean a further decline in the group's activities outside of China after it sold its last overseas real estate project in Chicago last year, which spanned shopping malls, movies, sports and theme parks, and was among the Chinese Conglomerates that have amassed some of the world's largest debts after paying peak prices for foreign trophies The conglomerate has been aggressively slimming down since 2017 to try to reduce debt directed by shareholders rt, "said Aron during the solicitation, Wanda's core business has been hit by lockdowns and other pandemic-induced restrictions, AMC posted record loss after theater attendance fell by over 90%, and the cinema chain has raised more than $ 1 billion since December to order Keeping themselves alive and cutting all non-material expenses Wanda reduced its stake in AMC to 231% by the end of December with a 474% vote in February, the group converted all outstanding Class B common shares into Class A common shares, according to the report The group could continue to have significant influence on the management of AMC as it still has two directorships, according to a statement and Aron that AMC stock has more than quintupled this year to $ 1116, fueled by one from Reddit -User-cited investment frenzy at the height of its exp Ansion overseas, Wanda bought significant assets such as Spanish football club Atletico Madrid, Hollywood studio Legendary Entertainment, and luxury real estate in Beverly Hills and London.Most of these assets were sold. Last year, Wanda also sold its Ironman triathlon business for US $ 730 million. For more articles like this, please visit us on BloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP.
Los Angeles will fall under the red coronavirus reopening stage this Monday, so AMC's long-shuttered cinemas can finally reopen
AMC Entertainment Holdings Inc (NYSE: AMC) CEO and President Adam Aron received big rewards, according to an SEC report from the world's largest cinema chain on Friday. What Happened: The company said the rewards recognized the "extraordinary efforts of the employees" During the COVID-19 pandemic, Aron will receive $ 375 million, in part for his work, “to foster continued engagement and loyalty and to incentivize our management and employees during the ongoing difficult unprecedented business environment. Executives other than Aron stand ready , Bonuses in the range of 173000 to 507Get $ 000 Why It Matters: It isn't a secret movie theater chain that has been among the hardest hit companies in the pandemic in the past 12 months Theaters have been completely closed or had a significantly reduced capacity in the last 12 months. Cinemas are now facing multiple setbacks: Lockdown measures have forced cinema-goers to stay at home and try alternatives while film studios experiment by streaming films directly to them. Publish Platforms AMC has fended off bankruptcy for the time being, but it's safe to say that many shareholders will wonder if now is the time to give rewards to the leadership in an industry that is still massively troubled. New Scenes Ahead: At the end of the Tunnels, however, it could get light for AMC and its colleagues on Monday, AMC's shares traded higher after the company announced it would open its 13 theaters in New York City on Nov. Reopening March The rally came after Governor Andrew Cuomo announced that theaters would be allowed to reopen across New York State reported case of COVID-19 transmission among moviegoers in our theaters, "said CEO and President Adam Aron in a press release See Also: How to Buy AMC Stock Photo by camknows on Flickr For more information from Benzinga, click here for Benzinga option tradesCathie Woods Ark Invest Shares in Palantir, Twitter and sold Apple and Facebook were added on Friday Here's why Twitter, Airbnb, and DraftKings are moving © 2021 Benzingacom Benzinga does not offer investment advice. All rights reserved