China's Wanda to Acquire Australian Exhibitor Hoyts
Australia's second-largest cinema chain operates 450 screens.
Wanda Cinema Line, the exhibition chain that is part of Chinese conglomerate Dalian Wanda Group, is set to acquire Australian cinema operator Hoyts Group, Reuters reported on Tuesday, citing a regulatory filing in China.
The deal is the latest sign that Wanda, which also owns AMC Entertainment in the U.S., has global ambitions. Wanda Cinema went public earlier this year.
It was not immediately clear how much Wanda was paying for Hoyts. Chinese businessman Sun Xishuang, a friend of Wanda chairman Wang Jianlin, bought Hoyts only in December from a private equity fund that had owned it since 2007. Terms of that deal weren't disclosed, but reports at the time put the price tag between $750 million and $1 billion.
Hoyts is Australia's second-largest cinema chain with 450 screens. AMC Entertainment is the second-largest U.S. cinema chain. Wanda paid $2.6 billion for it.