Cineworld Group PLC (LON:CINE) has joined forces with US rival Cinemark to increase its stake in cinema advertising firm National CineMedia (NCM).
The companies bought a US$156.8mln interest in NCM from AMC Entertainment. The stake will be split equally between the two.
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AMC was required to reduce its ownership in the NCM to appease competition concerns for its US$1.1bn acquisition of Carmike Cinemas in 2016.
Cineworld boss Mooky Greidinger said the investment will support its strategy to “reinforce our presence in the US”.
It follows Cineworld’s decision to buy US counterpart Regal Entertainment for US$3.5bn, which was approved by shareholders in February.