Movie theatre operator AMC Entertainment has recently reopened over 100 theaters in the USA. On Thursday her declining shares ticked up a little.
The business said it expects to open more than 100 stores in more than 20 states on Thursday. The business sold tickets for 15 cents for the day to get people in the seats to enjoy the history of the AMC. Their theaters will be showing classic classics like Back to the Future, Ghostbusters, Grease, and Star Wars in the coming weeks: The Empire Strikes Back for $5. AMC has reduced some food prices through October.
AMC Entertainment reopens as coronavirus started to fade a little
The AMC Entertainment also shares closed on Thursday at 5.6 per cent at $5.69. AMC shares (ticker: AMC) are down 21 per cent year-to-date and theaters shuttered due to Covid-19. In its second quarter the company posted a net loss of $561 million.
While several theaters started to reopen outside of the U.S., the pandemic ended the summer film season this year. Comcast and Walt Disney ‘s direct-to-streaming announcements backed the claim that Covid-19 was driving an imminent change from the conventional release timetable for film theater.
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AMC announced a deal with Comcast’s Universal Studios earlier this month that requires Universal to digitally distribute films after 17 days of exclusivity in theatres. The previous time span was 90 days. AMC will earn a share of the sales from these on-demand premium releases. CEO Adam Aron said the organization had been negotiating similar deals with other studio partners.
Whether Americans should re-embrace movie theaters or not is still up for consideration. Wall Street is also largely stock neutral, but none of the 10 analysts listed on FactSets have a buy ranking. Of these, three say they are selling the warehouse, and the rest are neutral. But the estimated demand target is $3.50.