The pandemic may end up helping big movie theater chains get even bigger. WSJheard explains. WSJWhatsNow
Far from killing the movie-exhibition industry, the pandemic may end up helping the big theater chains get even bigger.
Flush with money from sales of its soaring meme stock, AMC Entertainment has clearly indicated it is shopping around. When the companyon June 1 to sell about $231 million worth of shares to Mudrick Capital, Chief Executive Adam Aron proclaimed that it is time for the largest theater operator in the U.S. to “go on the offense again.”
He noted at the time that the company was in discussions with multiple landlords to take over some theaters formerly operated by ArcLight Cinemas and Pacific Theatres.Tuesday that AMC was nearing a deal for “key” Pacific theaters in the area. Two of the theaters were even listed on AMC’s site and ticketing app for part of the day before being taken down, the paper reported. They are unlikely to be the last, considering AMC’s acquisitive history and now bulging coffers.
Chief Financial Officer Sean Goodman told a Credit Suisse investment conference this week that the company will end June “in the ballpark” of about $1.8 billion in cash, according to the broker’s report of the conference. AMC had about $308 million on its balance sheet at the end of 2020.
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