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.
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