The showrunner of AMC’s recently scrapped Invitation to a Bonfire is hopeful that her psychological thriller will land elsewhere.
19.12.2022 - 19:19 / deadline.com
AMC has picked up another location, announcing today the acquisition of a the former ArcLight theater located at The Hub on Causeway, a large-scale mixed-use development at North Station in Boston. The 13-screen cinema is new — it opened in December 2019 and closed three months later due to Covid-19.
The purchase price wasn’t disclosed. AMC has acquired a handful of theaters out of the pandemic and said today it sees further consolidation with opportunities “to enhance our footprint by acquiring superb theatres without significant capital outlays while at the same time exiting under-performing locations.”
The giant theater chain also provided an update on its debt, cash position and others metrics in a financial update for investors, a move meant to reassure Wall Street amid reports of uncomfortable cash burn and possible trouble ahead. The volatile meme stock that’s widely held by retail investors is down in mid-morning trade.
CEO Adam Aron noted the chain’s “enhanced liquidity” after raising over $162 million of cash from the sale of APEs – or AMC Preferred Equity units. That’s a new currency it debuted earlier this year (after stockholders balked at the company issuing new, regular AMC shares to raise capital). That helped it pay down some of its hefty debt load. It cited total principal debt reduction of $107 million for the quarter and $180 million for the year.
AMC said it expects liquidity as of Dec. 31 to stand at between $725 million to $825 million, including $211 million of undrawn capacity under a revolving credit facility — “subject to operating performance during the remainder of the holiday period in 2022 and the timing of landlord concessions.”
“That implies an improvement in the net decrease in cash
The showrunner of AMC’s recently scrapped Invitation to a Bonfire is hopeful that her psychological thriller will land elsewhere.
EXCLUSIVE: Briarcliff Entertainment has acquired North American rights to The Hill, an inspirational true life sports drama starring Dennis Quaid, scripted by Angelo Pizzo & Scott Marshall Smith and directed by Jeff Celentano. Quaid starred in one of the most successful fact based sports films in recent memory with The Rookie, and Pizzo wrote two of the best true sports films in Rudy and Hoosiers. Celentano helmed Gunshy and Breaking Point.
Peter Rawley, a longtime ICM talent agent who repped Richard Dreyfuss, Richard Gere and Faye Dunaway and also was head of European production for MGM and a successful indie producer, died January 3. He was 85.
While Warner Bros. Discovery seems to have abandoned their plan to make movies directly for HBO Max, at least in the superhero genre, 20th Century Studios apparently has no such similar worries with doing the same for Hulu.
True crime drama “Boston Strangler” is set to premiere in March exclusively on Hulu, the streamer announced Tuesday. The feature film from 20th Century dives into the infamous Boston Strangler murders of the 1960s.“Boston Strangler” — written and directed by Matt Ruskin (“Crown Heights”) — will portray the true story of Loretta McLaughlin, the first reporter to break the story of the titular murderer, who slayed 13 women in the areas surrounding in the early ’60s. The film stars Oscar nominee Keira Knightley as McLaughlin, alongside Carrie Coon, Alessandro Nivola and Chris Cooper.
AMC Entertainment has rejiggered is board, announcing the election of two new directors and one who is exiting.
Adam Aron said today he’s asked the theater chain’s board of directors to freeze his compensation for 2023 given the decline in AMC stock.
Hollywood is on edge. There have been corporate layoffs, with fears of more to come after January 1.
Shares in top exhibitor AMC Entertainment fell 25% ahead of today’s market opening after the company said it plans to pursue a reverse stock split and has raised $110 million from the sale of “APE” shares.
AMC Entertainment said it held talks with lenders about potentially acquiring theaters from the portfolio of bankrupt rival Cineworld, which owns Regal Cinemas.
EXCLUSIVE: Vertical Entertainment has secured North American rights to the MPI Original Film Pinball: The Man Who Saved the Game, starring BAFTA- and Tony Award-nominated West Side Story breakout Mike Faist and Teen Wolf‘s Crystal Reed, slating it for a day-and-date release on March 17, 2023.
Greenwich Entertainment has taken U.S. distribution rights to Man in the Basement directed by Philippe Le Guay (The Women on the 6th Floor) and starring François Cluzet (The Intouchables), Jérémie Renier (Summer Hours), and Bérénice Bejo (The Artist). Last month, the film won the top prize at the UK Jewish Film Festival.
AMC Entertainment plans to offer a co-branded credit card starting in early 2023 for members of its loyalty program, a first in the theatrical exhibition industry and the latest venture by the movie chain, which will also be rolling out its own popcorn for sale at retailers next year.
Netflix has bought another run of heart-warming and emotionally-charged Japanese reality doc series Old Enough!.
EXCLUSIVE: Global Screen has unveiled a fresh round of deals for Sky Original animated feature The Amazing Maurice, featuring Hugh Laurie and Emilia Clarke in the voice cast.
IMAX China Holding, Inc and IMAX Corporation have named CAA China veteran Daniel Manwaring as Chief Executive Officer of IMAX China. He succeeds interim CEO Jiande Chen, who will return to his full-time role as Vice Chairman of IMAX China. Manwaring takes over the post from January 9, 2023.
Alyssa Scott is more than ready for this baby to arrive!
Going green! Princess Kate and Prince William turned heads — and honored the earth-friendly theme — at the 2022 Earthshot Prize Awards in Boston on Friday, December 2.