Enter the Dragon..... it's not just a movie name anymore.
American Multi-Cinema Theatres (AMC), is one of the largest movie theatre chains in the United States. (wikipedia)
It looks like it no longer will be "American".
China's Dalian Wanda Group and AMC Entertainment announced Monday a $2.6 billion deal to take over the U.S. theater group, forming the world's largest cinema chain, according to a new release on the deal.
The move is the latest in a raft of deals between U.S. entertainment companies and Chinese firms, linking the world's largest theater market with the world's fastest growing.
"This acquisition will help make Wanda a truly global cinema owner, with theatres and technology that enhance the movie-going experience for audiences in the world's two largest movie markets," said Wang Jianlin, chairman and president of Wanda.
Wanda, a private company that previously operated solely in China, generates $16.7 billion in annual revenue from its commercial development and entertainment businesses, the company said. The group owns 86 theaters with 730 screens in China.
"As the film and exhibition business continues its global expansion, the time has never been more opportune to welcome the enthusiastic support of our new owners," said Gerry Lopez, chief executive officer and president of AMC.
AMC operates 346 multiplex theaters, largely in North America, with a total of 5,034 screens. Headquarters of AMC, a privately held company, will remain in the Kansas City area and day-to-day operations, including the process for film programming, will remain unchanged, the release said.
In a deal last February, China agreed to increase the quota of 20 foreign films per year -- most of them from the U.S. -- to add an additional 14 IMAX or 3D films each year, and nearly doubled the cut foreign film companies can take from Chinese box office to 25%.
In April, The Walt Disney Company China, Marvel Studios and DMG Entertainment of Beijing announced a production deal in which "Iron Man 3" will be co-produced in China. That follows the February announced that a $330 million joint venture between DreamWorks Animation, China Media Capital (CMC) and two other Chinese companies to establish a China-focused family entertainment company, Oriental DreamWorks.
Last month came revelations, first reported by Reuters, that the Securities and Exchange Commission sent inquiries to 20th Century Fox, Disney and DreamWorks about whether Hollywood studios were paying bribes to get a foothold in the China theater market.
The Chinese continue to buy up American banks, American land, American businesses and other assets. The Chinese are funding the instruction of the Chinese language in American schools as well.
Does this mean the "Americanization" of China? or the control of important assets and segments of our country going slowly but surely into the hands of the Chinese Communists? Is this what "globalization" will bring to America?
I don't believe that this is merely going to bring American movies to the Chinese... this is control of a huge media component going to a Chinese Communist entity which can very well dictate what kinds of films are made and produced and watched by Americans.
I believe this is great cause for alarm.
Chinese propaganda will certainly be on the way.
The infiltration has begun.
One can understand the Obama administration's quest to make America more Socialist in nature... it just makes the Communist takeover more seamless.... and once the Chinese have control of the money, when the dollar finally loses reserve status, America will be just another page in the history books.
What is worse is now the U.S. Treasury (Tim Geithner) is allowing China to bypass Wall Street for Treasury orders!
"China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government" (Reuters)
China Can Now Monetize US Debt Directly!
From Zerohedge: "China is preserving the value of specific information about its bidding habits. By bidding directly, China prevents Wall Street banks from trying to exploit its huge presence in a given auction by driving up the price "
This is not good and Congress better step in soon!
Founders forgive them for they know not what they do.