( CNN ) -- China 's Dalian Wanda Group and AMC Entertainment announced Monday a $ 2.6 billion deal to take over the U.S. theater group , forming the world 's largest cinema chain , according to a new release on the deal . The move is the latest in a raft of deals between U.S. entertainment companies and Chinese firms , linking the world 's largest theater market with the world 's fastest growing . `` This acquisition will help make Wanda a truly global cinema owner , with theatres and technology that enhance the movie-going experience for audiences in the world 's two largest movie markets , '' said Wang Jianlin , chairman and president of Wanda . Wanda , a private company that previously operated solely in China , generates $ 16.7 billion in annual revenue from its commercial development and entertainment businesses , the company said . The group owns 86 theaters with 730 screens in China . `` As the film and exhibition business continues its global expansion , the time has never been more opportune to welcome the enthusiastic support of our new owners , '' said Gerry Lopez , chief executive officer and president of AMC . AMC operates 346 multiplex theaters , largely in North America , with a total of 5,034 screens . Headquarters of AMC , a privately held company , will remain in the Kansas City area and day-to-day operations , including the process for film programming , will remain unchanged , the release said . In a deal last February , China agreed to increase the quota of 20 foreign films per year -- most of them from the U.S. -- to add an additional 14 IMAX or 3D films each year , and nearly doubled the cut foreign film companies can take from Chinese box office to 25 % . In April , The Walt Disney Company China , Marvel Studios and DMG Entertainment of Beijing announced a production deal in which `` Iron Man 3 '' will be co-produced in China . That follows the February announced that a $ 330 million joint venture between DreamWorks Animation , China Media Capital ( CMC ) and two other Chinese companies to establish a China-focused family entertainment company , Oriental DreamWorks . Last month came revelations , first reported by Reuters , that the Securities and Exchange Commission sent inquiries to 20th Century Fox , Disney and DreamWorks about whether Hollywood studios were paying bribes to get a foothold in the China theater market .
Dalian Wanda Group buys AMC in a $ 2.6 billion deal for the U.S. theater group . Creates the world 's largest theater chain , according to the companies . Comes after a raft of cross-Pacific deals between Hollywood and Chinese firms .