AMC Entertainment CEO Adam Aron said Tuesday that the nation’s largest cinema chain had raised $204 million in two weeks in December out of at least $750 million it needs to get to the other side of a global pandemic that has crippled moviegoing. It was the latest capital raise after previous rounds of AMC
AMC Entertainment
Financially hurting cinema advertising network National CineMedia has inked a deal to run ads with Coinstar, a big operator of supermarket coin-counting kiosks. With the exhibition business on the Covid-19 skids, the agreement helps expand National CineMedia’s digital-out-of-home footprint by extending its movie-centric entertainment content, trivia, and advertising beyond movie theaters to complementary venues. It
AMC Entertainment on Wednesday filed to sell up to 50 million more shares in an ongoing quest to stay solvent as it outruns the pandemic. The nation’s largest theater chain registered the shares in an SEC filing this morning, adding to the 200 million it previously registered. It said it’s raised $104 million as of
AMC Entertainment Monday unveiled plans to change its board structure in an agreement with majority shareholder Wanda America Entertainment, a division of Dalian Wanda Group of China. Wanda holds nearly 60% of the voting power of financially strapped AMC through ownership of all the company’s super-voting Class B shares. The nation’s largest theater chain said
Struggling AMC Entertainment said it risks running out funds in January. In its latest warning cry, it said it needs $750 million “to remain viable” through 2021. Even if it raises that, it still risks bankruptcy next year if moviegoing doesn’t pick up — and Warner Bros. may have made that harder to accomplish. In
Movie theater stocks were mixed Friday as the industry absorbed shock waves from Warner Bros.’ window-smashing announcement the day before when the cinema group collectively plunged by double digits. The smaller, publicly-traded U.S. chains have lower debt and are in better financial shape. Third- and fourth-ranked circuits Cinemark and Marcus both rose by more than
It should come as no surprise to hear that Cinemark and Universal have hammered out their own truncated theatrical window and PVOD share deal in the wake of the one which AMC inked with the Hollywood major studio at the end of July. Cinemark CEO Mark Zoradi, a former President at the Walt Disney Motion
AMC Entertainment said revenue for the September quarter plunged 91% to $119 million. Losses widened to $905 million from $54 million as the financially strapped exhibitor struggles with the impact of the global pandemic. The financially struggling chain’s COVID trials have been high profile and heavy hitting because of its size — the biggest chain
AMC CEO Adam Aron channeled Winston Churchill Monday, comparing the exhibition industry’s last stand against COVID-19 (and Chapter 11) to the U.K.’s fight for survival during World War II. Wall Street analysts on a conference call were too polite to bring up the word bankruptcy directly, nor did Aron. He said again that the chain
The nation’s fourth-biggest cinema chain Marcus Theatres saw revenue plunge and swing to the red in its most recent third-quarter earnings released Tuesday. It beat Wall Street forecasts, however, and emphasized its solid financials underpinned by the fact it owns most of its theatres. Family-owned Marcus, based in Milwaukee, owns or operates 1,110 screens at
Studio Movie Grill, the in-theater dining chain with seven California locations has filed for bankruptcy, one of the first leading exhibitors to officially buckle under pandemic-related financial stress. The Dallas-based company filed for Chapter 11 in U.S. Bankruptcy Court for the Northern District of Texas. It will continue to operate but reorganize with the protections
The 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. Now Senators Schumer, Cardin and Shaheen have included relief for movie theaters as part of the Save Our Stages initiative, which is included in the COVID relief bill
AMC Entertainment expects revenues for the three months ended September 30 of $119 million versus nearly $1.32 billion for the prior year’s 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. Interest expense for the
AMC 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.
Exhibitors in New York State are speed dialing former staffers and bookers after a surprise weekend announcement by Gov. Andrew Cuomo that long-shuttered cinemas can reopen Friday under guidelines expected early this week. Joseph Masher, president of NATO New York and CEO of family-owned Bowtie Cinemas, anticipates the long-awaited state playbook will pretty much echo
As the exhibition industry teeters, global cinema owners beseeched New York Governor Andrew Cuomo to reopen theaters in areas of the state with low infection rates. The response was not promising. The executive committee of the Global Cinema Federation — led by Alejandro Ramirez Magaña, CEO of Cinépolis, in a letter to the governor Wednesday,
Exhibition 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
Things are going from bad to worse in exhibition as AMC Entertainment said Tuesday its cash will be gone by late this year or early next and it’s exploring potential sources of additional liquidity, including asset sales, joint ventures or minority investments. The nation’s largest movie chain, like others in the industry, has been struggling
Regal Cinemas is taking it to the streets, with the marquee of its iconic and shuttered Times Square multiplex admonishing New York Governor Andrew Cuomo for being just about the last pol in the country to reopen cinemas. “48 states have reopened theatres safely. Why not New York, Governor Cuomo?” blared from that strip of
Days after the entertainment industry joined cinemas in asking Congress to rescue exhibition, ratings agency S&P downgraded debt of the world’s biggest chain, AMC Entertainment, calculating it has six month of cash left unless things materially improve. The stock mostly shrugged off the news, down 0.4% to $4.63. But that’s half of where it was
AMC Entertainment has filed to sell 15 million shares of common stock to raise fresh cash, the second exhibition distress call today after Regal parent Cineworld of the U.K. posted a brutal results for first six months of the year. Regal is the largest circuit in the U.S., AMC the second. Exhibitors shut down in
At first it looked like AMC would be delayed with reopening their cinemas in New Jersey given the state’s last minute OK this week, and now the biggest exhibitor in the world will have two locations ready to go for Christopher Nolan’s time thriller noir this Friday, Sept 4: AMC Jersey Gardens 20 and AMC
AMC Entertainment said Monday it’s agreed to sell its nine theaters in the Baltic region (Latvia, Lithuania and Estonia) to UP Invest for €65 million (about $77 million) as it continues to shore up its balance sheet. The move follows a capital raise and debt restructuring in July to bolster liquidity and strengthen its balance
AMC Entertainment wants to buy back and revive a handful of bankrupt theaters that are staggering like the rest of the industry under little to no revenue. AMC, pushed by the Department of Justice, sold the theaters when it acquired Georgia-based Carmike Cinemas in 2016. Now it’s filed a motion in U.S. District Court for
AMC Entertainment said it will charge 15 cents a ticket when it reopens theaters at more than 100 locations on August 20, celebrating the chain’s 100th anniversary. For a “Centennial Celebration, all AMC U.S. theatre locations that open on August 20 will offer all available seats for all movies that day for the 1920’s admission
A court ruling that dropped today allowing movie studios to buy theaters (whether or not they want to — and they probably don’t) is the latest snub to an industry that’s been rattled by change for years, in particular since March and COVID-19. Exhibition hasn’t been this pressured in a century. When the 1918 Spanish
AMC Entertainment saw revenue plunge to $18.9 billion for the second quarter ended from in June from $1.5 billion the year before as it swung to the red, no surprise for the nation’s – and world’s — largest theater chain, that saw most locations shuttered completely for the entire three months. The company swung a
AMC Entertainment announced Monday it’s officially concluded a complex, and controversial, restructuring of approximately $2.6 billion of its debt that included an exchange and fresh capital raise. The news came as iyd new distribution deal with Universal Pictures continues to roil the industry. Holders of more than 87% of senior subordinated notes participated in an
Imax shares shot higher Wednesday as Goldman Sachs initiated coverage of the large-format leader with a “buy” rating, saying it’s well positioned to take share in the current environment and has ample cash to navigate a potentially turbulent recovery. The stock was up more than 16% on a day of solid gains for exhibition that
UPDATED with details of restructuring: AMC Entertainment Friday announced a sweeping restructuring that will bring in $300 million in fresh coin, reduce debt by as much as $630 million and lower cash interest expense by up to $200 million. The debt restructuring agreeement, anticipated by Deadline Thursday, will keep the chain running through spring even