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Wanda Group No Longer Majority Shareholder in AMC Theatres
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variety.comRebecca Rubin Film and Media ReporterChinese company Wanda Group has given up its majority stake in AMC Theatres.According to AMC Entertainment’s annual report, filed Friday with the Securities and Exchange Commission, the Beijing-based conglomerate had diminished its stake as of Dec.
31 to 23.08% of the company’s outstanding common stock and 47.37% of combined voting power of the common stock. Then on Feb.
1, Wanda Group concerted all outstanding Class B common stock to Class A common stock, which brings its ownership to 9.8% as of March 3.“Even after conversion, Wanda may have significant influence over our corporate management and affairs, due to their representation on the Board of Directors and their 9.8% stock ownership as of March.
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