BEIJING — A Chinese conglomerate has announced it will buy U.S. cinema chain AMC Entertainment Holdings for $2.6 billion to create the world's biggest movie theater operator.

Dalian Wanda Group Co. said Monday it is willing to invest an additional $500 million to fund AMC's strategic and operating initiatives.

Wanda said AMC's headquarters will remain in the Kansas City area and day-to-day operations will remain unchanged.

Privately owned Wanda operates hotels, department stores, tourism and other businesses. Its assets include 86 theaters in China and film production and distribution businesses.

Related on HuffPost: