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May 12, 2020 01:25 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/2IReWq48UMg/amcs-stock-is-surging-on-reports-amazon-may-buy-it
AMC's Stock Is Surging On Reports Amazon May Buy It
Today, shares of AMC are up 40% (recouping about 26% of their value lost since January) solely on an unconfirmed report from the Daily Mail that Amazon is interested in buying the global theater chain. "AMC's market capitalization was about $427 million when the news broke, down from $752 million at the end of 2019," adds Quartz. From the report: The Daily Mail reported AMC and Amazon have at some point held talks about a takeover, though it was unclear if those talks were still ongoing. Deadline reported a few hours later that there were in fact no talks, according to unnamed sources. Neither AMC nor Amazon immediately responded to a request for comment. AMC Entertainment, which is owned by China's Wanda Group, is nearly $5 billion in debt, while analysts suspect it could be forced to declare bankruptcy. But the Daily Mail report alone was enough to show AMC's investors a light at the end of the tunnel. For Amazon, acquiring AMC would instantly give it a direct, global theatrical distribution pipeline for its own original films. It previously explored purchasing the smaller cinema chain, Landmark Theatres, before it was outbid by Cohen Media Group.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/2IReWq48UMg/amcs-stock-is-surging-on-reports-amazon-may-buy-it
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