Time Warner to sell off cinemas in China

US based Media Company Time Warner has confirmed that they are going to sell three of the six cinema halls they operate in China with domestic partners.

These theaters are being sold to local Chinese companies and they are also in talks to offload the rest.

The deal would see Warner Brothers International Cinemas (WBIC) to sell the three cinemas they own in Chongqing, Changsha and Nanchang. The buying party is China Film Group.

The financial aspects of this deal have not been revealed to the media. Time Warner added that this deal would need approval from the Chinese government.

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