China's Wanda Gives Up AMC Theatres Majority Stake
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hollywoodreporter.comIt is official: Chinese conglomerate Wanda Grouphas given up its majority stake in movie theater giantAMC Entertainment, doing business as AMC Theatres.
AMC in its annual report, filed Friday with the Securities and Exchange Commission, said Wanda had reduced its stake to 23.08 percent of the company's outstanding common stock and 47.37 percent of the combined voting power of common stock as of Dec.
31. It then further cut its ownership to bring both its economic and voting stake to 9.8 percent as of March 3. On Feb. 1, 2021, Wanda exercised a right to convert its Class B common stock, each share of which carried three votes, to regular Class A common stock, which have one vote per share.
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