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AMC Entertainment Shares Jump Nearly 3% on Report Amazon Exploring a Deal

Tiger Newspress2023-03-29

Shares of AMC Entertainment Holdings Inc jumped nearly 3 % in premarket trading, set for their biggest gain in a month, after a report that ecommerce giant Amazon.com Inc was looking to buy the theater chain.

Amazon founder Jeff Bezos has dispatched his investment advisers and top entertainment chiefs to explore acquisition plans for AMC, The Intersect reported, citing sources familiar with the discussions.

AMC did not immediately respond to a Reuters request for comment, while Amazon declined to comment.

Amazon last year closed its $8.5 billion deal for MGM, adding the company behind "Rocky" and James Bond in a bid to beef up its Prime Video streaming service amid intensifying competition.

AMC's shares have gained about 11% this year to Monday's close, giving it a market value of about $2.4 billion.

AMC was a famous "meme" stock during the Reddit-fueled surge and the company was valued at more than $23 billion at the peak of the rally in June 2021.

Movie theaters are struggling to draw in crowds since the lifting of pandemic restrictions, as rising costs force people to cut spending on out-of-home entertainment and more on groceries and rent.

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Comment2

  • oakfra
    ·2023-03-29
    we all know this is fake. pls stop spreading missinformation. basically lots of reason why we ran a little. Swaps, opex, fractals, and ftds.
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  • Disiaosiao
    ·2023-03-29
    This is nothing! Wait till it pops 1000%! Already told u amc n gme r the biggest short squeeze candidates n tiger broker prefer to keep talking about other lousy counters that won’t squeeze. Tiger brokers shorting amc? NFA 
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