AMC Entertainment Says Cash Will Be “Largely Depleted” By Year End; Exploring Assets Sales, Joint Ventures, Minority Investments

MRC and Penske Media Corporation on Thursday unveiled a new joint venture to bring together their respective data businesses. The newly formed company combines MRC Data (formerly Nielsen Music), Alpha Data and Variety Business Intelligence, with MRC and PMC sharing equal ownership and control.

Jill Goldsmith Co-Business EditorThe association of theater owners, NATO, called on Congress Tuesday to get an aid package approved, saying exhibitors are desperate for help.It’s begged for help before.

Cinema chain AMC Entertainment Holdings is looking to raise more fresh cash to stay afloat as it offered guidance to Wall Street on its faltering financial performance that fell short of analyst expectations. On Tuesday, AMC unveiled another equity distribution agreement with Citigroup Global Markets and Goldman Sachs to sell up to 15 million additional class A shares, with the proceeds being used for general corporate purposes, the company said in an SEC filing.

temporarily shut down in mid-March amid the pandemic.

Jill Goldsmith Co-Business EditorAMC Entertainment expects revenues for the three months ended September 30 of $119 million versus nearly $1.32 billion for the year earlier quarter and the struggling theater anticipates material write-downs of assets, according to an SEC filing Tuesday morning with preliminary financial results.Cash and cash equivalents stood at $417.9 million.The company also said it will sell 15 million shares to raise fresh cash.

Jill Goldsmith Co-Business EditorAMC Entertainment will resume operations at a dozen theaters in New York State October 23 in accordance with Gov. Andrew Cuomo’s recent, welcome reopening announcement over the weekend that, however, still excluded New York City and a handful of other counties.NY is “vital to the theatrical exhibition industry,” the world’s largest chain said Monday.With the reopening of New York, AMC will be operational in 44 of the 45 states where it has theatres.

Jill Goldsmith Co-Business EditorExhibition shares took a beating Tuesday as AMC Entertainment announced its cash might be gone by year end and Walt Disney became the latest big content company to restructure operations around streaming.As theaters reopen to limited audiences without key New York and Los Angeles markets and a paucity of new studio fare, heavily indebted AMC said in an SEC filing that it has enough cash to last until late this year-early next and would require “material”

Movie theater giant AMC Theatres said on Tuesday that its "existing cash resources would be largely depleted by the end of 2020 or early 2021" if current trends persist.

Just last week, after the surprise shutdown of Cineworld (and thus, Regal Cinemas locations) in the US and UK, AMC Theatres came out and told everyone that things should be just fine and the world’s largest cinema chain had no plans to shut down its theaters. Well, it appears that the CEO might have been speaking a bit too optimistically, as new statements from AMC point to a company on the verge of collapse.

A baby girl who was born prematurely early Tuesday after her mother was shot and killed in Chicago was in critical condition, according to reports. Stacy Jones, 35, was due to give birth to her baby next month.

“Given the reduced movie slate for the fourth quarter, in the absence of significant increases in attendance from current levels or incremental sources of liquidity, at the existing cash burn rate, the Company anticipates that existing cash resources would be largely depleted by the end of 2020 or early 2021. Thereafter, to meet its obligations as they become due, the Company will require additional sources of liquidity or increases in attendance levels.

When you watch the trailer for Aaron Sorkin’s upcoming drama, “The Trial of the Chicago 7,” it’s clear that the film takes place in the ‘60s, with its era-appropriate costumes and politics. The film is obviously about the real trial of a group of people that were accused of conspiracy after protests surrounding the 1968 Democratic National Convention.

Anthony D'Alessandro Editorial Director/Box Office EditorGerard Butler’s action film Greenland, which we first told you was jumping from a theatrical release during the pandemic to PVOD and eventually HBO and HBO Max, will become available in homes on Dec. 18 at the price of $19.99 for a 48-hour rental period.The STXfilms movie has already opened No.

Coleen Rooney and her husband Wayne took their youngest son Cass out for lunch. Coleen and Wayne were pictured out and about with adorable son Cass, two, who is the youngest of their four sons.

Anthony D'Alessandro Editorial Director/Box Office EditorFocus Features’ femme thriller Promising Young Woman, which made its world premiere at Sundance back in January, has returned to the theatrical release calendar for a Christmas Day release.

Alexandra Del Rosario Associate Editor/Nights & WeekendsSeason 12 of Doctor Who left devoted Whovians with a number of surprises and twists to process right before the COVID-19 pandemic brought the world to a standstill in March. While the Doctor herself, Jodie Whittaker, didn’t reveal what’s to come in Season 13, she did say Doctor Who enthusiasts can look forward to new stories.“We’re certainly in prep.

We became close friends. I would travel all over the country to see the Kings of Comedy.

Ellise Shafer editorChicago deep dish staple Lou Malnati’s Pizzeria is not too happy with Netflix’s newest show, “Emily in Paris.”The restaurant sent out a media statement today expressing their disappointment with the series, which threw an insult at the chain in its premiere episode.Created by “Sex and the City’s” Darren Star, “Emily in Paris” stars Lily Collins as the titular character, a marketing executive and Chicago native who accepts a position to Paris and must learn to adapt to her

Rod Stewart has spoken out about his ongoing feud with Elton John, saying that the ‘Rocketman’ singer turned down his offer to end the row.The singers fell out last year after Stewart criticised John’s decision to head out on an extensive farewell world tour, as well as poking fun at his Rocketman biopic, calling it “not very flattering”.Now, speaking to Chris Evans on his How To Wow podcast, Stewart claims he has tried to extend an olive branch to John, only for it to be ignored.“We don’t talk