Movie Theaters

Record Labor Day Crowds Fill Movie Theaters, Boosting Box Office Turnaround Hopes

Kimberly Redmond | |

A record number of moviegoers went to the theaters over Labor Day weekend, giving big chains like AMC Entertainment Holdings Inc (NYSE: AMC) and Cinemark Holdings Inc (NYSE: CNK) hope of a turnaround at the box office after weathering widespread cinema closures during the pandemic.

On Tuesday, AMC said more than 2 million people watched a movie at one of its more than 380 US locations between Sept. 2 and Sept. 5, beating out its previous Labor Day revenue record in 2013.

Cineworld Considering US Stock Listing To 'Maximize Shareholder Value'

Kimberly Redmond | |

Cineworld Group is eyeing a US listing to tap investors in the movie theater operator’s largest market as part of an effort to shore up its pandemic-strained finances.

On Thursday, London-listed Cineworld said it was considering a plan to list its shares on Wall Street or to do a partial US listing of its Regal Entertainment Group unit.

AMC Entertainment To Accept Bitcoin as Payment by Year End

Kimberly Redmond | |

AMC Entertainment Holdings announced Monday it will soon have the technology in place at all US theaters to enable customers to buy movie tickets or concessions online using bitcoin.

During the company's second quarter earnings call, AMC’s chief executive officer Adam Aron said the chain will also offer support for Google Pay and Apple Pay at its theaters by the end of 2021.

AMC Entertainment Soars 36% to Four-Year High as Bears Get Squeezed

Reuters | |

Shares of AMC Entertainment soared on Thursday, notching a 35% one-day gain in a rally that burned bearish investors and sparked jubilation among the stock's online supporters.

The movie theater chain’s market value ended the session at $11.9 billion as its shares closed at $26.52, with the highest trading volume of any stock on U.S. exchanges on the day. The shares are now up 1,150% year-to-date after hitting their highest level in four years.

AMC Entertainment Seeking Shareholder Approval for 500 Million Share Public Offering

Reuters | |

Cinema operator AMC Entertainment Holdings Inc is seeking shareholder approval to sell 500 million shares to the public, its top boss Adam Aron said in a CNBC interview on Thursday.

The approval would give the board the flexibility to authorize future issuances for a variety of purposes, the company said.

Regal Cinemas To Reopen 500 US Locations on April 2

Kimberly Redmond | |

As lockdown restrictions ease across the US, Regal Cinemas, the nation’s second largest theater chain, will reopen following a six-month pandemic-related shutdown.

On Tuesday, Regal’s parent company, Cineworld Group plc (OTC US: CNWGY), said about 500 locations will open April 2, with the release of Godzilla vs. Kong. More theaters across the country will welcome back guests for the April 16 release of Mortal Kombat.

AMC To Have 98% of US Theaters Open Friday; 99% by March 26

Kimberly Redmond | |

AMC Entertainment Holdings Inc (NYSE: AMC), the world’s largest movie theater chain, announced it will open 98% of its US locations starting Friday and 99% of its theaters by March 26, a promising sign after the company was almost forced to declare bankruptcy earlier this year.

The chain’s announcement on Thursday comes almost a year after many of its theaters were shut due to rising coronavirus cases.

Wanda Group, AMC's Largest Shareholder, Converts Common Stock To Facilitate Sale

Reuters | |

China’s Wanda Group, the major shareholder in AMC Entertainment Holdings Ltd, conducted a share conversion to permit sales of its stock in the cinema operator, a target of the recent WallStreetBets retail frenzy, AMC said in an exchange filing.

Wanda America Entertainment Inc, a Wanda unit, converted its Class B common stock in AMC to Class A shares on Feb. 1 “in order to permit sales of its common stock,” AMC said in the filing to the United States Securities and Exchange Commission on Feb 5.

AMC Raises $917 Million in Equity and Debt Capital To Stave Off Bankruptcy

Kimberly Redmond | |

While entertainment venues continue to struggle due to the ongoing effects of the COVID-19 crisis, AMC Entertainment Holdings Inc has found a way to keep its theater chain afloat for a little while longer.

On Monday, the world’s largest theater chain announced that it raised $917 million in new equity and debt capital, funding that will allow the chain to keep functioning throughout most of 2021 and hopefully give theaters time to fully reopen.

AT&T's Warner Bros Studio To Make All of Its 2021 Films Available in Theaters and on HBO Max

Reuters | |

AT&T Inc’s Warner Bros studio on Thursday announced that it will make all of its 2021 films available in theaters and on the HBO Max streaming service starting on the same day, an unprecedented shift in response to the coronavirus pandemic that sank shares of movie theater operators.

The movies, which are expected to include “Godzilla vs. Kong” and “Mortal Kombat,” will be available on HBO Max for one month starting on the same day they debut in cinemas, the studio said in a statement.

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