Chinese company, Wanda, buys AMC movie theater chain

This morning, in Beijing, representatives of the Chinese company, Wanda, signed a deal to buy AMC, the second-largest theater chain in the United States.

LOS ANGELES, CA (Catholic Online) - If it is approved by U.S. and Chinese regulators, the $2.6 billion deal will create the world's largest theater group. China's biggest company takeover in the United States emphasized the rising financial strength of the country.

No changes are planned to be made to the AMC brand, operations, and management. According to Gerry Lopez, CEO and President of AMC, the only changes will be an increase in upgrades to some theaters.

"We have no plan whatsoever to promote Chinese movies in the U.S. market," said Wang Jianlin, Chairman and President of Wanda. A Communist Party member is on the country's top advisory council, Wang said that poor movie content was a top reason for the lack of Chines movies gaining success overseas.

"If China has (a movie like) Avatar, it may really 'go abroad,' right?" Wang said.

China's movie market, the second-largest after the United States, is growing through expansion of theater chains which are often located in malls and hotel properties. However, the movie business is also showing contradictions of today's China, where glamor and deals accommodate the Communist Party, which strictly controls what its people can view on screen.

Beijing is investing in releasing its "soft power," or cultural influence, by increasing Chinese state media's presence, including the United States. The Chinese government has also ran advertisements in New York's Time Square. Without reforms that can give directors and artists more freedom over the content they produce, China will be facing trouble and it will be difficult to spread Chinese influence.

"Even if Wanda controls the AMC chain, pays no heed to box office, increases the film's showings, and make up the losses with domestic resources, acting like this will defeat the purpose of exporting culture and even values - clearly, it will only provoke resentment," said Liu Yuanju.

---

'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'