By David Outten with Tom Snyder
American Multi Cinema (AMC) is now Chinese. China’s Dalian Wanda Group announced a $2.6 billion purchase of the American theater chain, making Dalian Wanda the largest theater chain in the world.
While Hollywood continues to dominate movie production, it makes more and more of its income overseas. China is considered a lucrative, rapidly-expanding market. The Chinese want a piece of the pie as well and have found ownership of theaters a golden opportunity.
In February, it was announced that DreamWorks would engage in a joint venture with China Media Capital (CMC) to produce family entertainment under the banner Oriental DreamWorks.
How much of an input will the Chinese Communist Party have in these business ventures and the mass media products they produce and promote?
When the Japanese firm Sony was its strongest, it purchased Columbia Pictures and has found the entertainment side of its business more profitable than the electronics side of late.
A recent report sounded the alarm that only five conglomerates, including Time Warner, Viacom, Disney, Comcast, and News Corp., now control about 90 percent of all media, from movies and television to music and publishing.
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