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Wall Street off to a mixed start on Tuesday
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GameStop leads meme stocks lower, on track for sharp weekly drop
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Shirley Zhao, Bloomberg News Signage outside an AMC movie theater in New York, U.S., on Friday, March 5, 2021. The struggling U.S. box office is expected to rebound this weekend, when theaters in New York City, the second-largest U.S. movie market, reopen after a yearlong hiatus. Photographer: Amir Hamja/Bloomberg , Bloomberg
(Bloomberg) Dalian Wanda Group Co., the conglomerate founded by Chinese billionaire Wang Jianlin, has given up its majority control over AMC Entertainment Holdings Inc. after the worldâs largest cinema chain reported a record loss of $4.6 billion for 2020 amid repeated warnings of insolvency.
Wanda, which bought AMC in 2012 for $2.6 billion, cut its stake and voting power in the company to 9.8% as of March 3, AMC said in its annual report. The group continues to be AMCâs largest shareholder, the cinema chainâs Chief Executive Officer Adam Aron said in an earnings call. As of October, Wanda
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