China's Wanda to buy AMC cinema

21 May 2012 Last updated at 01:35 ET

A cinema in Beijing, ChinaWanda Group said it would invest more into reducing debt and upgrading AMC theatres

The Chinese conglomerate Wanda Group has agreed to buy the US Cinema chain AMC Entertainment for $ 2.6bn (£1.6bn), making it the world's biggest operator of movie theatres.

The deal gives Wanda access to more than 5,000 screens operated by AMC, mainly in the US and Canada.

Wanda said it will invest another $ 500m in the US theatre chain.

There have been several deals between US and Chinese film companies in recent months.

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China's communist identity crisis

Hu Jintao, the Chinese President, has warned the Communist Party that it could lose support from the people if it does not deal with the problem of corruption. Speaking on an occasion to mark 90 years since the party was formed, he also praised it for how it has governed China for the last 60 years. Al Jazeera's Melissa Chan reports from Beijing, the Chinese capital.

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