BUZZ-Movie theater chains rise ahead of Beyonce's concert film release

Reuters2023-10-02

** Shares of movie theater chains rise, with AMC Entertainment up 4.8% at $8.38 and Cinemark Holdings up 1.3% at $18.59

** Canadian cinema chain Cineplex edges up 0.6% at C$9.53

** "It's a clear positive to have big draws to the theater this holiday season from Taylor Swift in November and Beyonce in December, in addition to the holiday movie release slate," Wedbush Securities analyst Alicia Reese says

** A film based on U.S. pop star Beyonce's hit "Renaissance World Tour" is set to be distributed globally by a unit of AMC

** "Renaissance: A Film By Beyonce" is set to play in the United States, Canada, and Mexico beginning Friday, Dec. 1, 2023 - AMC

** Similarly, "Taylor Swift: The Eras Tour" will play in cinemas in North America starting Oct. 13 - Taylor Swift had posted on X

** Beyonce's film is a theatrical production of the singer-songwriter's global tour this summer, spanning 57 concerts across 40 cities in North America and 14 across Europe

** Up to last close, AMC was down ~78%, CNK more than doubled while CGX up ~18% YTD

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; ))

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