AMC Entertainment said it held talks with lenders about potentially acquiring theaters from the portfolio of bankrupt rival Cineworld, which owns Regal Cinemas.
02.12.2022 - 01:25 / deadline.com
AMC got its meme back Thursday, with the stock surging 27% at its high on heavy volume, way outpacing the broader market and other publicly traded theater chains.
The jump was its biggest since May as the stock revisited its days as huge chatroom favorite. Volatility is a hallmark of meme stocks with others like Bed Bath & GameStop also higher.
“Some days the shorts have control, and some days the retail investors have control,” said one Wall Streeter.
AMC ended the session off its highs but still up more than 13% at $8.18. The broader Dow Jones Industrial Average dipped 195 points and the Russell 2000 was down as well. Among other exhibitors, Cinemark was up 1.25% at $13.78; Marcus firmed slightly to $16.31; Imax was off 0.65% at $16.78.
The giant movie chain has been clawing its way out of a stock slump since late August after issuing APE securities, or AMC Preferred Equity units. Apes are also a name for retail investors bullish on heavily-shorted stocks. The APE units, which were over $7 in August, rose just over 1% to about 98 cents.
CEO Adam Aron has continued to cultivate his millions of retail investors with projects from movie merchandise sales to AMC popcorn in supermarkets. “That’s not going to really move the needle,” said Alicia Reese of Wedbush Securities. What will, she said, are the company’s renewed efforts to upgrade its European circuit, expand in the Middle East and pay down debt.
News last month that Amazon is committing to eight to ten films annually is good news for exhibition. Bob Iger’s return to Disney is seen as a boon too, Reese said, as he’s historically been a supporter of theatrical windows.
Avatar: The Way Of Water, the long awaited James Cameron sequel to the highest grossing movie
AMC Entertainment said it held talks with lenders about potentially acquiring theaters from the portfolio of bankrupt rival Cineworld, which owns Regal Cinemas.
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.
Stephen ‘tWitch’ Boss is being remembered by one of his former colleagues after his sudden death.
Has Chanel finally outgrown the sink?? Sure looks like it! LOLz!
EXCLUSIVE: New York-based investment firm, Whitney Capital Partners, led by Jason Kringstein, has acquired a stake in the production and sales company Yale Entertainment.
One of the most pleasant surprises of 2022 is probably just how good AMC’s “Interview with the Vampire” actually is. Season 1 took many off-guard with its really strong retelling of the classic Anne Rice tale.
The royal drama continues. Meghan Markle’s former friend Jessica Mulroney shared a cryptic quote after she didn’t appear in volume 1 of the Sussex’s tell-all docuseries, Meghan & Harry.
With 14 nominations, five of them for actors, A24’s Everything Everywhere All at Once racked up the highest total among films in contention for the 28th annual Critics Choice Awards for Film. Steven Spielberg’s The Fabelmans was next, also grabbing five noms for its cast out of 11 overall to score the including three for Spielberg as producer, director and co-writer of his autobiographical story.
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.
One of the most pleasant surprises of 2022 is probably just how good AMC’s “Interview with the Vampire” actually is. Season 1 took many off-guard with its really strong retelling of the classic Anne Rice tale.
EXCLUSIVE: Wolf Entertainment, the company behind the Law & Order franchise and its many spinoffs, is looking to grow its podcast business with the hire of Stephen Michael.
EXCLUSIVE: Lucas Till (MacGyver), Ruby Rose (Taurus), Tyrese Gibson (Morbius) and Don Johnson (Knives Out) will topline the action-thriller The Collective from Yale Entertainment, which has recently wrapped production.
This Christmas, give the gift of big screen entertainment this year with a Vue Gift Card – the ultimate present for lovers of the big screen experience.
EXCLUSIVE: Riverdale‘s Cole Sprouse is the newest addition to the cast of the ACE Entertainment’s drama I Wish You All the Best, based on Mason Deaver’s 2019 bestseller of the same name.
“My only sin is in my skin.” That rhyme is among the lyrics in the 1929 Fats Waller song “(What Did I Do to Be So) Black and Blue,” an eloquent and haunting evocation of the experience of being a Black man in America.
Ang Lee has finally found his next big film. And you better believe, there will be a lot of people anxiously awaiting what he has coming.