AMC Theatres (NYSE:AMC) Closes Carmike Cinemas Acquisition
AMC Theaters as unit of Chinese conglomerate Dalian Wanda, now operates 900 venues with more than 10,000 screens globally.
Wednesday, AMC Theatres said Wednesday hat it has completed its acquisition of Carmike Cinemas for approximately $1.1-B, including the assumption of Carmike debt, making it the largest movie theater chain in the US
AMC Theatres, majority-owned by the Chinese conglomerate Dalian Wanda Group, is now the largest exhibitor in the US, Europe and the World, operating 900 venues with more than 10,000 screens globally. That includes 661 theaters with more than 8,200 screens in the US and 244 theaters with 2,200 screens in Europe.
“AMC now has a larger audience and a bigger stage to introduce our industry-leading innovations, including plush power-recliner seats, enhanced food and beverage choices and premium large format screens,” said AMC CEO and president Adam Aron.
He added: “We also have expanded AMC’s footprint across greater geography and more diverse demographics, serving most of the largest cities in the U.S. and Europe, along with hundreds of home towns, where guests can have an amazing AMC experience. In the United States, AMC now will enjoy increased benefit from movies that play better on Main Street and movies that play better in major metros, and, of course, from movies that play well in both.”
The US Department of Justice (DOJ) said Tuesday that it has approved the deal with conditions.
AMC must sell theaters in 15 markets in 9 states where it competes with Carmike, plus it must divest most of its holdings in in-theater advertising firm National CineMedia.
The company previously acquired European cinema giant Odeon & UCI Cinemas Group.
|NYSE:AMC||35.3||23 December 2016||0.20||35||35.3||34.6||528,400|
|HeffX-LTN Analysis for AMC:||Overall||Short||Intermediate||Long|
|Bullish (0.27)||Bullish (0.35)||Neutral (0.19)||Bullish (0.26)|
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