China's Dalian Wanda Group has largely cashed out of the movie-theater chain business, by selling off its film stocks, the group revealed on its website on Sunday.
Wanda said that the Group has gradually sold its holdings in film business from 2018 onwards, as a result of the company's reshuffling product strategy.
However, Wanda announced that the group's film sector and AMC will sign a long-term strategic cooperation agreement in order to safeguard their mutual benefits in global and Chinese mainland market.
Wanda acquired AMC in 2012 in a deal valued at approximately $2.6 billion. But the film business was never easy. Since 2018 Wanda has been selling out AMC shares and converted its B shares to Class A during the coronavirus pandemic.
By end 2020, Wanda has shed its stake in AMC to only 23.1 percent. Wanda now owns 0.002% of the total shares of AMC.