"Guess who's the Cat's Mao for buying AMC?! Don't worry -- in Soviet Russia, joke gets you..."
Now this should make the Motion Pictures Association of America happy. AMC Movie Theaters was recently purchased for $2.6 billion by the Chinese government:
"This acquisition will help make Wanda a truly global cinema owner, with theaters and technology that enhance the movie-going experience for audiences in the world’s two largest movie markets," Wang Jianlin (pictured left), chairman and president of Wanda, said in a statement.
This confirms a report in the New York Times from earlier this month.
Wanda will invest up to $500 million in AMC to fund “strategic and operating initiatives.”
According to the announcement, Wanda will retain AMC’s management team. The deal will not impact staffing levels. AMC employs about 18,500 people.
Now for those of you remember the era when it was Japan buying up portions of the United States economy such as Columbia Pictures, 7-11, and Southern States, this parceling out of American businesses to foreign firms was a worrying sign of American weakness abroad.
Of course, in the late '80s and early '90s... it was to capitalist Japan. The very idea that America is up for sale to the Communist Chinese -- a principle holder of our national debt -- is shocking to say the least.
That the economic policies and bureaucratic regulations of President Obama continue to create the conditions where firms such as AMC Theaters feel pressured to sell, our banks feel pressured to sell, our factories feel pressured to relocate...
Of course, the delicious irony of AMC Movie Theaters selling to a nation well known to have issues with piracy of intellectual property -- music, computer programs, and of course... movies! -- is too good not to comment on.