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Wanda Sold $220 Million of AMC Theatres Stock Amid Reddit Surge


Wanda Sold $220 Million of AMC Theatres Stock Amid Reddit Surge
Wanda America Entertainment on Friday revealed its stake in cinema chain dropped from 9.8% to 6.8%Diane Haithman | April 9, 2021 @ 11:15 AM
Last Updated: April 9, 2021 @ 11:37 AM
AMC Theatres
Wanda America Entertainment (WAE), the U.S.-based division of China’s Wanda Group, sold 15.6 million shares of AMC Theatre stock for around $220 million amid a stock surge in social news aggregator Reddit, according to a Friday SEC filing.
WAE revealed in the filing that the sale brings its stake in the cinema chain down from 9.8% to 6.8%
In March, Chinese conglomerate Wanda said in an SEC filing that it had given up its majority stake in the theater chain AMC Entertainment, operating as AMC Theatres, bringing their ownership down to 9.8%. It had cut 23% of the company’s outstanding common stock and 47.3% of the combined voting power back on Dec. 31. ....

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