AMC Entertainment shares surge as chain nears deal to avoid bankruptcy

Jill Goldsmith Co-Business EditorAMC Entertainment Monday announced the results of a key debt swap as it nears the finish line of a financial revamp unveiled earlier this month that will help it stay viable through  spring. The plan will slash debt, bring in $300 million in fresh cash and defer some interest payments.The financing just became even more urgent after Warner Bros.

Nancy Tartaglione International Box Office Editor/Senior ContributorOn their first Friday back to operations, Chinese cinemas did roughly $2.92M worth of box office business — more than tripling Thursday’s figures and making a sizable jump from Monday when theaters opened to about $501K in low-risk areas across the country.

Brent Lang Executive Editor of Film and MediaAmazon Studios is in final negotiations to buy worldwide rights to “Without Remorse” from Paramount Pictures, Variety has learned.The Tom Clancy thriller stars Michael B. Jordan as U.S.

Dino-Ray Ramos Associate Editor/ReporterSince the top of the coronavirus pandemic, there has been a surge in racism against Asians and Pacific Islander (API) which has been bolstered by Donald Trump and his administration’s consistent use of the terms “Chinese virus” and “Kung Flu” to describe COVID-19.

Vivienne Chow Chinese streaming giant iQIYI is to boost its Southeast Asia operation with the appointment of three new country managers. Two hail from Iflix, the regional streamer now being acquired by Tencent Video.IQIYI said that former Iflix executive Sherwin Dela Cruz had been hired as its country manager for the Philippines.

LOS ANGELES — Nick Cannon said on Thursday he was stepping away for a while from his radio show after an uproar over anti-Semitic comments that led to him being dropped by one television network but kept on as host of “The Masked Singer.”

Nancy Tartaglione International Box Office Editor/Senior ContributorAs Chinese cinemas began the reopening process today, box office crossed $472K by 8PM local. Maoyan’s real-time ticketing platform reports that play is led by new entry A First Farewell at around $184K.

LOS ANGELES — Nick Cannon said on Thursday he was stepping away for a while from his radio show after an uproar over anti-Semitic comments that led to him being dropped by one television network but kept on as host of “The Masked Singer.”“I have decided to take some time away from my radio show so I can commit myself to deeper, more thorough reflection and education,” Cannon said on Twitter. His “Nick Cannon Mornings” show is syndicated nationwideMorning radio family.

As cinemas in China look to reopen on Monday amid the novel coronavirus pandemic, Imax Corp. has signed a 20-theater deal with Chinese industry giant Wanda Film Co.

Jill Goldsmith Co-Business EditorImax China has expanded its decade long partership with Wanda Film Co.

John Hopewell Chief International CorrespondentSignaling one of the biggest deals ever struck by a U.S.

Nellie Andreeva, Dominic Patten In what would be the biggest get yet for the WGA in its yearlong standoff with the top agencies, the scribes’ union appears close tonight to an agreement with UTA.We hear that at a captains meeting Tuesday evening, WGA West president David Goodman revealed to members that the union were finalizing a deal with “major agency.” Official details of the possible breakthrough agreement could coming as soon as Wednesday, sources say.The agency in question was not

Variety.it’s unclear when the agency will formally sign the franchise agreement, but the decision came down late Tuesday as leadership signed off and agents began contacting writer clients — the same lot who fired them in April 2019 over a contentious battle to end lucrative packaging fees for their representatives — saying the odds of a reunion looked good.As of late Tuesday, the company had yet to announce the news internally.

Todd Longwell Ask entertainment attorneys of color about diversity in their chosen profession, and you’ll hear plenty of examples about an industry that loves to talk about inclusiveness but falls short in practice.“Many times in my career, I’ve looked around a courtroom or a conference table and have not seen any other people of color, let alone women of color,” says Cassandra Seto, a partner in O’Melveny & Myers’ Century City office specializing in entertainment law who is Chinese

Jill Goldsmith Co-Business EditorAMC Entertainment Friday announced a debt restructuring that it said would “prove highly beneficial to the company and its shareholders.”The deal will reduce the principal amount of its total debt liabilities, extend the maturities of a significant percentage of outstanding debt, reduce cash interest expenses, and boost its cash and liquidity position to help navigate the ongoing COVID-19 crisis, the nation’s largest exhibitor said in an SEC filing.Theatres have

Jill Goldsmith Co-Business EditorThe nation’s largest theater chain AMC Entertainment is finalizing a deal with bondholders that would slash debt by up to $600 million, bring in $200 million in fresh cash and give it a lifeline into 2021, Deadline has learned.A $500 million bond sale in April as the coronavirus kicked the nation’s economy into a ditch was meant to fund the exhibitor’s seriously-cash strapped operation through November.

Tom Grater International Film ReporterEXCLUSIVE: Leading Russian animation outfit Riki Group has signed a deal with Beijing-based producer and distributor Joy Culture and Chinese platform Tencent Video to partner on season four of animated series The Fixies.Following its acquisition of the show’s third season, Tencent will now invest in the production of 52 new episodes of the series, which follows the comical misadventures of Tom Thomas and his secret friendship with Simka and Nolik, two young

Jill Goldsmith Co-Business EditorCash-strapped AMC Entertainment saw its stock surge in premarket trade as the nation’s largest exhibitor is said to be closing in on a debt restructuring that will provide a cash cushion as its theaters remain shuttered.The company has been trying for weeks to get bond holders to agree to swap debt at a discount but only a relatively small percentage had agreed as of June 30, the company said in a SEC filing late Tuesday that extended the deadline.

Usain Bolt and Kasi Bennett’s daughter, Olympia, made her Instagram debut nearly two months after her birth.The retired sprinter, 33, posted a Tuesday, July 7, Instagram slideshow featuring his girlfriend and their little one, writing, “I want to wish my gf @kasi.b a happy birthday and to let u know I am happy I get to spend ur special day with u.