AMC Entertainment shares jump on report Amazon is considering acquiring the theater chain By Investing.com

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AMC Entertainment shares jump on report Amazon is considering acquiring the theater chain

Published Mar 28, 2023 14:36

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AMC Entertainment shares jump on report Amazon is considering acquiring the theater chain

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By Sam Boughedda

AMC Entertainment (NYSE:AMC) shares jumped Tuesday on the back of a report from The Intersect, stating that Amazon (NASDAQ:AMZN) is considering acquiring the theater chain.

Its stock price is currently up around 14%, while Amazon has dipped by 1.5% following the news.

The publication, citing senior sources familiar with the discussions, states that Jeff Bezos has dispatched his investment advisors and entertainment chiefs to explore a potential takeover.

They add that Amazon believes it can utilize AMC's almost 600 theaters in North America, Europe, and the Middle East as "marketing weigh stations" for promoting Amazon Prime movies, cross-selling services, serving as local distribution hubs, and collecting data from AMC's annual moviegoing customers.

The discussions reportedly took place at Amazon's headquarters in Seattle and entertainment offices in Los Angeles, but The Intersect states they are "fluid," adding that there is no certainty Amazon will make an offer.

The publication said an insider told them that Bezos may choose to bide his time if AMC's stock continues to fall or swoop on AMC assets if the theater chain falls into bankruptcy.

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