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Carmike Cinemas to Be Acquired by Chinese Owned AMC

(via Google Street View)
(via Google Street View)

Those of you who’ve been hoping for a remodel of the Sikes Senter Mall movie theaters could be in luck. AMC Theaters has announced they will acquire all outstanding shares of Carmike Cinemas, the current owners of the mall theaters, for $1.1 billion.

The move puts the Carmike under the control of China’s richest man, Wang Jianlin. According to the LA Times, the 61-year-old billionaire controls conglomerate Dalian Wanda Group, which owns AMC.

According to the Associated Press, the acquisition will create the largest theater chain in North America and the world.  Just  two months ago Wanda announced it would spend $3.5 billion to acquire Legendary Entertainment, the company which co-financed  “Jurassic World” and “The Dark Knight. 

The acquisition could also translate into a much-needed cash infusion to update facilities such as the Sikes Senter Carmike operation though such a move has not been directly addressed.  The deal is expected to be completed by the end of 2016.

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