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AMC, Regal sell Open Road Films

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.