Global entertainment company Tang Media Partners acquired independent film distributor and producer Open Road Films from AMC Entertainment Holdings Inc. and Regal Entertainment Group as part of a larger, overall $500 million expansion plan.

AMC and Regal will remain partners with Open Road through a long-term marketing partnership, the company said Aug. 7. At Tang Media Partners, Open Road will continue to be led by Open Road's Tom Ortenberg as CEO.

Tang Media Partners is a next generation global studio dedicated to developing, financing, producing, and distributing premium content for film, television and digital initiatives.

Financial terms of the deal were not disclosed.