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The U.S. film exhibition industry absorbed a major loss as the privately-held Decurion Corporation announced the closure of its Arclight Cinemas and Pacific Theatres chains.
What Happened: The two chains have been shuttered since the COVID-19 pandemic took root in March 2020. In a statement, the company announced operations will not be revived.
“This was not the outcome anyone wanted, but despite a huge effort that exhausted all potential options, the company does not have a viable way forward,” the company said.
The Pacific Theatres and Arclight brands consisted of more than 300 screens in California, most notably the iconic Cinerama Dome, a geodesic dome theater built in 1963 to accommodate the premiere of the slapstick epic “It’s a Mad, Mad, Mad, Mad World” and featured in many notable films, most recently Quentin Tarantino s Once Upon a Time in Hollywood. The chains also operated venues in Boston, Chicago and the Washington, D.C., metro area.
Wanda Sold $220 Million of AMC Theatres Stock Amid Reddit Surge
Wanda America Entertainment on Friday revealed its stake in cinema chain dropped from 9.8% to 6.8%Diane Haithman | April 9, 2021 @ 11:15 AM Last Updated: April 9, 2021 @ 11:37 AM
AMC Theatres
Wanda America Entertainment (WAE), the U.S.-based division of China’s Wanda Group, sold 15.6 million shares of AMC Theatre stock for around $220 million amid a stock surge in social news aggregator Reddit, according to a Friday SEC filing.
WAE revealed in the filing that the sale brings its stake in the cinema chain down from 9.8% to 6.8%
In March, Chinese conglomerate Wanda said in an SEC filing that it had given up its majority stake in the theater chain AMC Entertainment, operating as AMC Theatres, bringing their ownership down to 9.8%. It had cut 23% of the company’s outstanding common stock and 47.3% of the combined voting power back on Dec. 31.
Share: Godzilla vs. Kong has brought in $48.5 million in its first five days since opening.
What Happened: After a year-long pandemic, there is some good news for the U.S. theater owners. Even though the industry is still on the verge of recovery from pandemic-related business loss, the domestic box office is cherishing the success of Godzilla vs. Kong. It is considered the largest turnout by far for a movie since the pandemic began, Variety reports.
The film is a production of
AT&T Inc (NYSE: T)
subsidiary Warner Bros. and Legendary Pictures Productions LLC, a subsidiary of China s Wanda Group.
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放棄AMC控股權！萬達持股比例降至不到10％ ltn.com.tw - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ltn.com.tw Daily Mail and Mail on Sunday newspapers.