AMC surges 18% on report that Amazon may be interested in buying the movie theater chain
said that Amazon is considering an acquisition of the struggling movie theater chain.
According to the report, Amazon founder and chairman Jeff Bezos has ordered his investment advisors to"explore acquisition plans" for AMC and its 600 movie theater locations. The report cited multiple senior sources familiar with the discussions. Amazon could essentially use AMC's movie theaters as a way to promote its slate of Amazon Prime movies, cross-sell other Amazon services such as grocery delivery, as well as serve as a local distribution hub for Amazon products. A potential acquisition would end a tumultuous period for AMC Entertainment, which has experienced a rollercoaster ride over the past two years as it became the target of meme-stock investors on Reddit and other forums.
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