Yahoo Sells Alibaba Shares, AMC Entertainment Sold
STEVE INSKEEP, HOST:
NPR's business news starts with Chinese acquisitions.
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INSKEEP: A troubled Internet giant, Yahoo announced yesterday that it would sell back nearly half of its stake in Alibaba, which is a Chinese e-commerce company. The deal totals about $7.1 billion and will provide Yahoo with the money needed to pay dividends to shareholders. Alibaba has also agreed to buy back the remainder of the shares at a later date.
RENEE MONTAGNE, HOST:
Another Chinese entertainment company, the Wanda Group, has just agreed to purchase AMC Entertainment for more than $2.5 billion. Kansas City-based AMC is the second-largest movie theater chain in the U.S., and owns almost 5,000 theaters in the U.S. and Canada. The acquisition makes Wanda the largest theater company in the world.
Analysts say the move will help the Chinese company expand into the American market, while at the same time helping Hollywood find a place in China's growing film industry.
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