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AMC Entertainment Holdings, Inc. (NYSE: AMC) is the largest movie exhibition company in the United States, Europe, and globally, with around 900 theatres and 10,000 screens in operation. Known for its innovative amenities, AMC offers plush, power recliners, MacGuffins full bars, AMC Dine-In Theatres, and premium presentations, positioning itself as a leading destination for moviegoers.
Founded in 1968 as American Multi-Cinema, Inc., the company pioneered the multiplex theater concept, transforming single-screen theaters into multi-auditorium setups. AMC's dedication to enhancing the movie-going experience includes initiatives like the AMC Stubs rewards program launched in 2011 and its Subscription A-List program, offering members the chance to see multiple movies per week.
In recent years, AMC has shown resilience and adaptability in facing industry challenges. Despite the impacts of the COVID-19 pandemic and Hollywood strikes, the company has consistently exceeded revenue and earnings expectations. In the first quarter of 2024, AMC reported total revenues of approximately $951.4 million. AMC continues to innovate with its new AMC Theatres Distribution, which successfully released TAYLOR SWIFT | THE ERAS TOUR and RENAISSANCE: A FILM BY BEYONCÉ in 2023.
Furthermore, AMC’s Summer Movie Camp program offers affordable family entertainment, and its loyalty programs provide significant savings and benefits to movie lovers. Beyond traditional cinema, AMC is also a major stakeholder in Fathom Events, bringing unique content like documentaries and concert films to a broad audience.
AMC Theatres has introduced Sightline at AMC, a new ticket pricing initiative allowing moviegoers to choose their seats based on sightline preferences. The program offers three pricing options: Standard Sightline at traditional ticket prices, Value Sightline at a lower price for front-row seats, and Preferred Sightline for middle seats at a premium. A-List members enjoy the premium fee waived for Preferred Sightline reservations. This initiative launches in select markets and aims to expand across all AMC locations by year-end, enhancing the guest experience while aligning with industry standards.
AMC Entertainment Holdings announced a strategic shift in its operations in the Kingdom of Saudi Arabia. Following the successful launch of its theaters in 2018, AMC will transition from a management role to a licensing agreement with the Saudi Cinema Company (SCC). In this agreement, Saudi Entertainment Ventures (SEVEN) will buy out AMC's $30 million investment in SCC. AMC currently operates 13 theaters, which will continue to use the AMC brand. This move represents the culmination of AMC's efforts to train local management and establish a sustainable cinema operation in Saudi Arabia.
The U.S. Representative for Cannes Lions and cinema advertising leader, National CineMedia (NCM), has announced the launch of the 2023 Young Lions Competition, with registration open from January 9 to February 3. NCM's inaugural campaign, Represent!, aims to empower diverse young creatives under 30. The initiative includes in-cinema media support highlighting Young Lions competitors, airing a promotional spot in theaters nationwide. This campaign underscores NCM's commitment to diversity and engagement in the creative industry.
Facing the Laughter: Minnie Pearl is a documentary focusing on the life of comedian Sarah Cannon, known for her character Minnie Pearl. The film releases in theaters on February 6, 2023 for one day and features personal stories from renowned country artists and archival footage. The documentary highlights Pearl's impact on comedy and country music, marking her legacy as a cultural icon. Tickets are available through Fathom Events and participating theaters, aiming to intrigue audiences about Pearl's life and career.
Fathom Events is launching its inaugural Big Screen Classics series in 2023, showcasing 11 iconic films celebrating anniversaries, including Casablanca with a newly restored print. The series features notable titles such as The Big Lebowski (25th anniversary) and Roman Holiday (70th anniversary), providing a diverse cinematic experience across six decades. Renowned film critic Leonard Maltin will share insights during the screenings. Tickets are now available through Fathom's website and participating theaters.
Fathom Events, in partnership with Bosco Films and Distrib Films US, will debut the documentary Lourdes in over 700 U.S. theaters on February 8 and 9. This film explores the stories of six pilgrims seeking miracles at Our Lady of Lourdes, a renowned sanctuary in France. It is the first documentary of its kind to focus on the experiences of the pilgrims. Nominated for prestigious awards, the film will be available in both French and Spanish with English subtitles. Tickets are on sale via Fathom Events.
AMC Entertainment Holdings, Inc. announced the appointment of Dee Clark and Keri Putnam to its Board of Directors, effective January 1, 2023. Both will serve as Class III directors, with terms expiring at the 2023 Annual Meeting of Stockholders, where they will stand for re-election. Lee Wittlinger will step down from the board after serving since 2018. The board's composition highlights AMC's commitment to diversity, now featuring three female directors among nine. Putnam has a strong background in film production, while Clark brings extensive IT experience.
AMC Entertainment announced it will raise $110 million through the sale of APE units to Antara Capital, LP, priced at $0.660 per share. This transaction will also result in a $100 million reduction of outstanding debt, lowering annual interest expenses by $10 million. AMC seeks shareholder approval for proposals including converting APE units into AMC shares and a 1:10 reverse stock split. The liquidity position is enhanced, and the capital structure aims to eliminate the trading discount of APE units.
Fathom Events has entered a satellite broadcast distribution agreement with Roberts Communications Network (RCN), enhancing its ability to deliver high-quality entertainment to theaters across North America. Fathom, a leader in event cinema, operates in over 1,100 theaters and will leverage RCN's robust infrastructure for secure video distribution. RCN's new facility in Henderson, Nevada, will support this partnership, enabling efficient content delivery. This collaboration aims to meet the rising demand for diverse cinematic experiences, reinforcing Fathom's position in the industry.
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