Shares of AMC were up more than 50% Monday after a report signaled Amazon’s interest in a potential takeover of the struggling movie theater chain.
- The Daily Mail reported this weekend that the companies have discussed a deal, but it’s unclear if the talks are ongoing. Sources tell Deadline that “there are no talks.”
- AMC has been hit hard by the COVID-19 crisis as theaters are forced to close around the globe.
- Amazon reportedly had interest in buying Landmark Theaters in 2018. The tech giant has invested heavily in its Amazon Studios video production arm over the past several years.
- Amazon told GeekWire it does “not comment on rumor or speculation.”
Those Amazon/AMC rumors are intriguing. Amazon has begun to move away from traditional theatrical releases, but a massive chain would give a better platform for box office plays. At the same time, brick and mortar operations are costly. I can see the pros and cons.
— Brandon Katz (@Great_Katzby) May 11, 2020