Chapter 1190： 2012 of the 2012 Situation

Text Chapter 1190 The 2012 Wind and Cloud Meeting

The invasion of foreign capital is also no stranger to Americans. In addition, most of the American people are also sensitive to such incidents. Due to the complex sense of geographic encirclement, Wand won the AMC as soon as the news spread, it quickly caused a lot of discussion.

Relevant information spreads rapidly under the blessing of the Internet, flooding everywhere and reaching individuals like a tide.

Some young people, many young people, or people who often go to the chain cinemas under the amc chain to watch movies often use their keyboards as microphones. d The press officer made a public statement——

First, the management has not changed much, and they are all Americans; second, the company has great autonomy.

Single-handedly, such as Sony's acquisition of Colombia, offset a lot of resistance.

Of course, this approach is indeed effective. Although all fools know that Wanda spent so much money and thought to buy amc, how could it really let it be independent, but at least no one can refute this.

The reason is that there is a problem with the amc capital chain and forced to introduce new capital. To put it more openly, if there is no million d, amc will have to sell its assets. It has retained its brand cinema chain, and even expanded and renovated it twice to provide better service and movie viewing environment.

This is indeed the case. Everyone's argument has not been about being bought, but whether it is worth it or not. Wan D just passed this large transaction and got out of the circle.

For a time, all the American financial channels were talking about the acquisition.

A local financial show host in Los Angeles sat down with a professional guest and chatted, "So, who benefits from this transaction?"

"Amc's disclosure shows that in the past few years, their operating conditions have not been good, especially as the cinema market has become more and more restricted by more and more entertainment means, tickets are becoming more and more difficult to sell, and the audience's desire to watch movies is not the same. It used to be so high.

Even if the box office records are constantly being broken and raised, they are only a few. People with discerning eyes can see that the average volume in the industry has been decreasing, and so is the attendance rate of the show. Do you think it is appropriate to intervene at this time? Does Wan D really want to expand international business as he said in the interview? Or is it to raise the image of the group and be willing to spend the money? "

The host asked questions in the order of the script.

"How should I put it, although the poor management of amc has something to do with the general environment of the film industry, it is not so miserable in fact, and it was burdened with a lot of foreign debts from banks before selling out.

I have looked through some information, although in 2009 and 10 years, the total film market has decreased a bit compared to the past, but it has recovered again last year. The reason is that theater operations are inseparable from studios, and theater chains need more , smoother film arrangement, which means that they need a lot of high-quality content to fill, once the studio is down, the cinema market will naturally be down, and once their output is stable, they can easily drive the market.

Therefore, although the data shows that even in the 11 years that many small chain theater chains have made money, amc still lost 82.7 million US dollars, but the proportion of revenue and interest in this part is quite high.

That is to say, the debt operation of its family does not mean that the cinema market is really hopeless, but it is more thoughtful than in the past.

What's more, amc also miscalculated its own cash flow. I have seen their previous report. Before 2007, they could maintain a net profit of 200 to 300 million. It was only from that year that in order to improve their competitiveness, they began to expand their business. Scale Amoy for projection equipment.

Then embracing giant screens and 3D projection books will increase the cost of expenditure, but I don’t want the studio to be too powerful in the past two years, and many audiences will not buy the movies produced. This exceeds the operating burden and gradually evolved into a The vicious cycle of profit offsetting interest cannot be entirely blamed on the general environment. "The guest said rationally.

"That's what amc's big and small shareholders will regret?"

"Uh... This is actually not an absolute thing. I can only guess that the investors of amc (Bain Capital and Carlyle Capital are the main shareholders) are not willing to hold this asset with some operating risks, and they also It did sell for a high price."

The guest said happily: "I have seen the interview of Mr. Wang, he said it is not a premium, but we all know that he is stealing the concept.

Shareholders such as Bain Capital and Carlyle Capital collectively hold less than 1.751 billion in assets, while Wand spent $3.1 billion to win an amc with 350 theaters and 5,050 screens, although there are 500 million in it The acquisition is the capital to help amc operate, but if amc's cash flow is still healthy, the 500 million deposit will not be needed.

On those screen assets alone, the premium is definitely as high as 77%, unless they think the brand is worth 1.3 billion. "

"Hahaha." I like to hear about this kind of foreign investment. The inside and outside of the studio is filled with a happy atmosphere. Maybe the audience watching the show will also smile knowingly after listening to the analysis.

But just like this very superficial opinion, just looking at the two sides of the transaction, it must be that amc sold well, and it made a profit of several billion yuan when it changed hands.

However, Wand was bought with a loan, and the real cost of self-invested capital is less than 8%. That is to say, with a loan of 20 billion yuan and the interest environment of mainland banks, in addition to the interest rate reaching 700 million to 800 million yuan per year, various fronts are frequently used. For the Wand Group that attacked, it is a big burden, and it is more likely to be dragged into a big burden. In fact, it did not spend any of its own cash.

This kind of rapid expansion, with the snake swallowing the elephant (Wanda with 730 screens won the amc with 5050 screens, which is really not equal) is only a test of Wand's next digestion ability.

The news came back to the mainland, and some local financial institutions were not optimistic about the transaction.

Those who are familiar with the rules know that Wand Cinemas relies on Wand Real Estate to acquire land to build theaters. The land rent link in the property ecological model has been reduced by the group itself. Therefore, the profits of Wand Cinemas are far higher than that of their peers, and the operating costs are much higher. It is also far lower than its peers, but AMC is different. The hard cost of theaters they have to pay is not lower than that of their peers, and there is no convenience of property layout.

Once something goes wrong, it is limited by different rules, and it cannot transfer costs, and it cannot achieve the high net profit margin of Wand Cinema (full 17%), and it is likely to be rotten in the hand.

Of course, Big Pharaoh doesn't see it that way.

He wasn't really joking, and he didn't feel that the acquisition was a loss.

From his point of view, the "asset premium" is as high as 77%. Yes, borrowing to buy and raising more than 20 billion yuan in cash will take a long time to plan, but the goal has been achieved, right?

Although there is no news about the introduction share, Wan D has a 20% share of the global cinema market and has become a veritable world's No. 1 cinema business. The cinema business is no longer limited to the mainland, and has also completed the vigorous promotion of real estate to the cultural field. It has obtained policy support, and furthermore, it has entered the upstream and downstream of the global film business, seeking a broader world for the group, accelerating its strategic transformation and developing the blue ocean.

Yes, it is inconvenient to acquire land abroad, but the fixed cost of theater operation remains the same. Even if it is higher than the mainland, the source of profit for Hollywood is also higher than the mainland. The United States has always been the world's No. 1 ticket warehouse, and the improvement of film quality will also help. It has a certain role in promoting the improvement of the operation of amc.

In other words, movies like "Reunion" come more every year, and the prospect of AMC is not pessimistic.

It can only be said that both parties of this transaction are happy to see it. First, Bain Capital and other investors got rid of the high price; second, the main business of Wand has a theater chain, and their management methods are not bad, professional, but a little small. Bet that they can successfully control and digest the operating market at home and abroad, and bet that they have entered a vast emerging business entity.

Wand seems to have a plan and the possibility of doing it well, which is why some analysts are not completely bearish on the acquisition.

"We noticed that Wand's production company has business dealings with Firefly, and they bypassed supervision by relying on the platter fund, which is a very smart approach."

In Burbank, Warner's headquarters, a senior executive compiled the information and reported: "Now, Blue Butterfly Pictures will have a greater say in the theater alliance, and we are sure that Wan D has reached a certain strategic cooperation with them. "

Well, the way of bypassing supervision by platter is the six majors, because platter is still mainly based on the invested studio, and the definition of self-produced and self-sold is blurred.

After the Paramount Act, although they were forced to separate the boundaries between the cinema and the production side, it was impossible to make a clear distinction. A certain right of discourse on film layout, including film grading, is decided by their people.

Of course, the right to speak belongs to the right to speak. The entire production environment in Hollywood is definitely more of small and medium-sized studios. It is impossible to completely ignore the interests of these people. Therefore, all the time, the six majors have not excluded other labels. If it is large, it only restricts holding good resources in your own hands and taking a large amount of channel commissions.

However, the whole market is always more prosperous when there are more choices of film sources.

"Oh, I see."

Warner President Kevin Tsujihara waved and motioned to step back.

Mann Media has long been unstoppable. Marvel's interest chain is so broad, and even Warner has a share. How can it be troublesome for such a trivial matter.

In the final analysis, Mann Media's films are more convenient in terms of film arrangement, and the improvement in nature is not great. But it is still convenient.

There was a commotion outside, but Lyman was not idle.

On the same day, I helped the platform back, and soon began to build the behind-the-scenes team of "Toutiao Murderer".

It's just that I occasionally pay attention to the movement caused by the acquisition case, and I have some ideas.

"I didn't expect it to be like this. It seems that the movement is a bit big, especially if we are involved."

During the meal, Ryan, who had just returned from visiting "Iron Man 3" in Cleveland, laughed.

More than a bit big... What does it mean that the world's first academy business is a mainland group?

Moreover, it has obtained equity from several Wall Street consortiums, and what is revealed here is enough for Hollywood to think about future business negotiations.

"A meeting of the wind and clouds." Lehmann sighed.

The terms of importing from the mainland have been changed, Disney has gone all out to win Star Wars, and AMC has changed hands. These events are all major events that can affect the existing structure, and they all happened in the spring of 2012, which was too late to shock people.

"Yeah." Ryan nodded and said, "The studios in the circle are all fried. The news came suddenly, and everyone was a little unprepared to deal with Chinese capital. Fortunately, we got on the car long ago. "

"It's not that I didn't prepare, I didn't think about it at all. I didn't think that AMC would be won by Wand. The old state-owned assets such as Bain and Carlyle were even willing, but in fact, there was nothing to prepare. No matter how the theater chain changed the boss, How to show the source of the film still has to be released.”

Although I haven't studied this Lehman, I know that it's not a bad thing. I don't know what's bad about the film industry, "chaos" a little bit, but having only one voice is definitely a bad thing.

"Have we also witnessed history? After Sony landed in Hollywood, Chinese capital such as Wand also came. It will definitely be more lively in the future. Believe it or not, the success of these people will attract more Asian capital to enter Hollywood."

Can the monk touch me too? Facts have proved that even after seeing the benefits of Wan D in Hollywood, finally Penguin, Ali and other giants came.

"Yes, there are more people like this, the demand for content is still there, and the studio's projection environment will be better." - Does anyone want to attract filmmakers who can produce good content? Backer, the distribution can't be done. Although it is better now, it can be better.

Having figured this out a long time ago, Lehmann was willing to take the initiative to help Wand gain a foothold on the production side, so that they could better taste the output prospects of the film business supporting the international market.

"I'm a little worried that capital is too involved and the production cost will be raised again." Ryan said again.

"It's alright." Lehmann waved his hand and said, "In an industry with a relatively complete industrial chain, as soon as there is a sign of imbalance, it will soon be pulled back. You see that the streaming media rights have been so fiercely fought before doubled. Prices have risen, and now there are relatively clear supply standards. They are fighting for theirs, we do ours, and there is no need to mix them up. By the way, is "Iron Man 3" going well?"

"With President Kevin staring at it, the progress has not fallen at all. After another two weeks, it will be finished and entered into the later stage."

"What about The Incredible Hulk 2?"

"The filming has been completed, and James Wen's ability has been recognized by Universal, and I have asked him to renegotiate the director agreement of "Aquaman" with his studio."

"No hurry." Ryman shook his head: "Let the bullets fly for a while, and it's not too late to talk about the results after the film is released. Anyway, it's the Marvel project plan for next year."

The achievement will make the world more reassured, and it is also convenient to issue the most suitable quotation.

Friendship is friendship, some things are still clearly priced, follow the rules, don't hurt feelings... Anyway, it is also Director Wen's first personal-led A-type masterpiece, no less than the small-budget horror film that didn't have so many things before.

"By the way, taking advantage of the opportunity to shoot "Nightcrawler" (the theme name of the first unit of "Headline Killer"), I plan to shoot this mini-unit in Paris. After all, the "Artist" thing made it very unpleasant. , I didn't help anything."

"It's a good thing, I'll go back first to contact and arrange."

The next afternoon.

Ryan flew to Paris with his location crew and production team, while Lehmann planned to go there after seeing the release of Big Shot.

The money-laden pre-show rumble started again, along with "Dallas Buyers Club."

As the saying goes, they are fighting for theirs, and Lehman is only immersed in developing his content kingdom...

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