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Yahoo Sells Alibaba Shares, AMC Entertainment Sold

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Yahoo Sells Alibaba Shares, AMC Entertainment Sold

Business

Yahoo Sells Alibaba Shares, AMC Entertainment Sold

Yahoo Sells Alibaba Shares, AMC Entertainment Sold

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  • <iframe src="https://www.npr.org/player/embed/153182602/153182595" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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Troubled Internet giant, Yahoo has announced it would sell back nearly half of its 40 percent stake in Alibaba, a Chinese e-commerce company. And, the Wanda Group has agreed to purchase AMC Entertainment for more than $2.5 billion.

STEVE INSKEEP, HOST:

NPR's business news starts with Chinese acquisitions.

(SOUNDBITE OF MUSIC)

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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