Giant theater chain AMC Entertainment said it’s selling $500 million in bonds to pay down maturing debt and related fees, costs premiums and expenses. The senior secured notes, which carry an interest rate of 10.5%, will be used pay down debt maturing in 2025. AMC’s refinancing was expected. In early Jan., CEO Adam Aron said
Adam Aron
AMC Entertainment CEO Adam Aron said a Canadian court ruling requiring its biggest rival to pay a hefty fine is an “opportunity,” leaving Wall Street and AMC’s own legion of retail investors wondering what he meant. Last summer, in the midst of the pandemic, Cineworld, the UK-based parent of Regal Cinemas, scrapped a deal to
AMC Entertainment saw revenue jump to $763 million last quarter, beating Wall Street forecasts on a strong movie slate and accelerating theatrical recovery. Adjusted EPS losses of 44 cents a share shrank from a loss of $8.41 a year ago. Analysts had anticipated sales of $708 million with an EPS loss of 53 cents. As
AMC CEO Adam Aron, who already has announced a push into retail popcorn sales and accepting payment in cryptocurrencies, waxed enthusiastic Monday at a flood of new ventures suggested by the chain’s 4.1 million retail investors. The floated ideas include everything from an AMC credit card and a return to movie producing to its own
Theatrical giant AMC Entertainment announced it’s “expanding its business outside of the traditional theatrical exhibition industry with plans to capture a piece of the growing multi-billion dollar popcorn market.” That means it will be selling AMC Theatres Perfectly Popcorn through four new platforms starting next year, including at AMC Theatres Perfectly Popcorn kiosks at select
In what doesn’t come as shocking news, AMC Entertainment chairman and CEO Adam Aron said Monday that the No. 1 theater chain has inked a deal with Warner Bros, ensuring a 45-day theatrical window for the studio’s releases in 2022. Warners previously hammered out a 45-day theatrical window with No. 2 circuit Cineworld, and its
AMC Entertainment chairman-CEO Adam Aron said the chain will be technologically equipped to start accepting Bitcoin payments for U.S. movie tickets and concessions ordered online by the end of the year. At a meaty and newsy webcast, Aron also said the chain will also start accepting Apple Pay and Google Pay. Aron noted that many
AMC Entertainment CEO Adam Aron sees two things protecting the circuit in the face of surging Covid cases trigered by the Delta variant – its own Safe & Clean protocols, and vaccinations. “To our knowledge there has not been a single transmission of Covid by an AMC guest over the past year,” he said. “Most
AMC Entertainment CEO and newly anointed chairman Adam Aron is having a moment with shareholders — that army of retail investors he said in June numbered approximately 4.1 million and own more than 80% of the stock. Some of them found it hard to access the company’s annual meeting Thursday, which was held in person
AMC Entertainment Wednesday said it’s expanded the role of CEO Adam Aron to include chairman of the board, and selected Ambassador Philip Lader to serve as lead director. As previously announced, current non-executive chairman of the board, Lin Zhang, and Mao Jun (John) Zeng, both of Wanda, are stepping down as AMC directors following Wanda’s
AMC Entertainment has 4.1 million individual shareholders, the company disclosed Wednesday, as it heads towards an annual meeting in late July where all of them will be eligible to show up and vote on whatever’s on the agenda after spending months pumping up the stock on investing chat rooms. “The number of investors who want
AMC Entertainment launched an unusual program today called Investor Connect to communicate directly with a mass of individual investors in the U.S. that now own more than 80% of its stock and have been steadily buoying it higher. “Many of our investors have demonstrated support and confidence in AMC. We intend to communicate often with
Retail investing met marketing genius Wednesday as AMC Entertainment devoted a new area of its website to individual investors, stoking their love, doubling the stock price and — the company hopes — inflating membership of its AMC Stubs loyalty program. AMC has about 3 million individual investors now, 80% of its shareholders base. It was
AMC Entertainment’s onetime owner, China’s Dalian Wanda Group, has pretty much cashed out completely from the theater chain, revealing in an SEC filing Friday that it has pared its stake to a barely there 0.002%. Wanda first acquired AMC’s super-voting Class B stock – with three votes a share – in 2012, making it the
AMC Entertainment offered a preview of its quarterly earnings Tuesday, anticipating revenue for the three months ended in March of $148 million, way down from $941.5 million the year before as the box office struggled to revive amid the global pandemic. AMC expects to announce a net loss of between $572 million and $567 million.
While the No. 1 exhibitor AMC has traditionally been flexible about theatrical windows despite their pubic uproar against Universal last year, the chain’s CEO Adam Aron speculated today what the landscape would look like when we come out of this pandemic. “What we learned from the Universal agreement, is that every studio seems to have
AMC Entertainment revenue fell last quarter plunged to $162 million from close to $1.5 billion the year as the global pandemic squeezed exhibition. That beat expectations, coming about $20 million above Wall Street’s consensus estimates. The stock is up in late trading. Net losses widened to $946 million, including a hefty one-time impairment charge, from
UPDATED with AMC proxy figures, Aron’s 2020 compensation: In one of the few interviews he has granted during AMC Entertainment’s white-knuckle 2021, CEO Adam Aron hailed the reopening of New York City and shared his thoughts on the “Reddit rally.” Speaking with CNBC (watch the full segment above) on Friday, he said advance ticket sales
AMC Entertainment CEO Adam Aron earned $20.9 million in total compensation last year, double $9.6 million the year before due to a big bonus and stock awards. According to the company’s SEC filing Friday, Aron’s package in 2002 included a base salary of $1.1 million, a bonus of $5 million and stock award of $14.8
AMC Entertainment, the nation’s largest theater chain, said Friday it’s awarding CEO Adam Aron and other executives “supplemental special incentive cash bonuses” to recognize the challenge they faced steering the embattled company on a financial rollercoaster over the past pandemic year. Corporate associates and theatre management will also get special bonuses, with all payouts coming
AMC Entertainment said Silver Lake Group is converting $600 million worth of the theater chain’s debt that it holds into stock at a conversion price of $13.51 a share, a surprise all around considering the exhibitor’s shares were languishing below two bucks earlier this month. The giant investment firm partnered with AMC back in 2018
Struggling AMC Entertainment said early Monday it has raised or signed commitments for $917 million including additional financing since December, calling it “enough cash to “make it through this dark, coronavirus-impacted winter.” “This means that any talk of an imminent bankruptcy for AMC is completely off the table,” said CEO Adam Aron in a statement.
Adam Aron, CEO of AMC Entertainment, said the nation’s largest cinema chain has raised $204 million of the at least $750 million needs to get to the other side of a global pandemic that has crippled moviegoing. AMC raised cash from stock and bonds sales in rounds in April, June, October and most recently in