What will your comfort level be with returning to your local movie theater?
AMC staved off bankruptcy by raising an additional $500 million on April 16, enough to finance its operations until a partial reopening around Thanksgiving. The chain paid 10.5% for the five-year bond, more than twice what Walt Disney, the world’s largest entertainment company, offered for the $6 billion it raised on March 20 through notes maturing from five to 30 years, at rates of up to 4.7%. U.K.
“We’re not doing this because of profitability and financials. It’s more of a psychological impact,” Santikos CEO Handren, whose chain operates in support of San Antonio Area Foundation, a charitable organization that provides grants and scholarships. “We’re the only theater in the country that has a social mission— and we're not going to mess this up.”
That could help keep the crowds coming when the doors open, but veteran media analyst Michael Nathanson of MoffettNathanson notes that big economic disruptions can accelerate changes in consumer behavior — in this case, the embrace of video streaming. Combined with the fact that three media companies — and Netflix and Amazon — now have their own streaming services to support, it could mean fewer films for traditional theatrical release.
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