Two of Wanda s representative on AMC s board will resign from their positions.
Wanda Group has almost doubled its initial investment of $700 million in AMC.
Dalian Wanda Group, the Chinese multinational conglomerate with interests in property development and cinemas, has sold all of its remaining stake in the AMC Entertainment Holdings Inc (NYSE: AMC), the world’s largest operator of movie theaters, according to the Wall Street Journal.
Shares of AMC are up almost 5 times this year in a Reddit-fueled frenzy and currently trading at around $13.5, up 12% for the day.
A short history of the two companies
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Shares of the alternative meat company surged 10% after Bernstein double upgraded the stock to outperform from underperform. Beyond Meat s stock is down nearly 40% since January, but Bernstein said sales should gain steam again as the economic reopening widens.
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Virgin Galactic Holdings – Virgin Galactic shares jumped 27.6% following the company s Saturday spaceflight test. The test, which is a step forward for the space tourism company, had previously been delayed for more than six months. At one point on Monday the stock turned positive for 2021.
Wanda Group sold massive portion of its AMC Entertainment stake econotimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from econotimes.com Daily Mail and Mail on Sunday newspapers.
From Deal Frenzy to Decoupling: Is the China-Hollywood Romance Officially Over? Patrick Brzeski
Nomadland at the 93rd Oscars, Disney began tiptoeing around potential land mines with regard to China, the director’s home country and the studio’s most important international market. “Please note in your ongoing coverage of
Nomadland that Chloé Zhao is a Chinese filmmaker,” an executive for Disney-owned Searchlight emailed members of the Hollywood press on March 4. “You may accurately refer to her as Chinese or a Chinese National.”
A number of news outlets, including
The New York Times, had mistakenly referred to Zhao as Asian American, but the bluntness and blanket nature of the proviso was conspicuous. As it would turn out, Disney had abundant reason to be concerned over how the provenance and perceived allegiances of its rising star director, who was also helming the studio’s forthcoming $200 million Marvel tentpole