No. 45: AMC

Kansas City

Revenue: $1.21 billion,

a 3% increase

Loss: $105.9 million

AMC Entertainment is riding high these days, with the maverick exhib sporting a figurative cowboy hat tipped jauntily to one side.

And using stock price as a measure of corporate performance, the Kansas City, Mo.-based company would seem to have reason to be cocky.

Less than a year ago, its price was flirting with penny stock levels as AMC was beset by a crisis of confidence among investors prompted by an industrywide financial crunch that forced almost a dozen circuits into bankruptcy reorgs. Today, AMC’s share price trades well clear of $10, and there’s little chance the chain will follow its rivals into bankruptcy court.

Much credit is due to a $250 million capital infusion by New York-based Apollo Management; the investment firm has a 60% stake in AMC but no voting control.

Revitalized by the coin and a return of investors’ confidence, AMC last month unveiled a bold $62.5 million bid to buy beleaguered competitor General Cinemas, which operates 677 screens, compared with AMC’s roughly 2,800.

That gambit followed a previous announcement that AMC would test monthly movie passes in two markets and roll out a similar plan nationwide in January. The move is considered controversial. Distribs fear it ultimately will hurt their box office share and other exhibs worry over a resulting market share war.

But CEO Peter Brown isn’t bashful about blazing new paths. In March, he announced AMC was quitting the National Assn. of Theater Owners, saying the circuit just wanted to distinguish itself from the rest of the industry’s ailing pack.

“It doesn’t serve our interests,” he said.

More Biz

  • Bert Salke and Jennifer Salke

    Feds Looked Into Amazon Studios Chief Jennifer Salke in College Admissions Scandal

    Federal investigators looked into Amazon Studios chief Jennifer Salke and her husband, Fox 21 Television Studios president Bert Salke, as they conducted a sprawling probe of cheating in elite college admissions, a source close to the case told Variety. It does not appear, however, that prosecutors will charge the Salkes in the case. The Salkes [...]

  • Variety Cord Cutting Placeholder Cable

    Big Blackout Looms as CBS, AT&T Go Down to Wire on Renewal Talks

    A blackout affecting CBS stations in major markets throughout the country looms as CBS and AT&T executives go down to the wire on negotiations for a retransmission consent deal covering 28 O&O stations. The sides have sparred publicly during the past few days as 11 p.m. PT Friday expiration of the previous contract approached. AT&T [...]

  • Contract Placeholder Business WGA ATA Agent

    ICM Responds to WGA Packaging Lawsuit: Claims are 'Baseless' and 'Absurd'

    ICM Partners has asked a judge to dismiss the lawsuit filed against four major talent agencies by the Writers Guild of America as part of the larger war between agencies and the guild over packaging fees on TV series and movies. The guild sued ICM, CAA, WME and UTA in California state court in April, [...]

  • New York City NYC Placeholder

    CityFM Podcast Takes a Deep Look at New York’s Music Scene (Listen)

    First among the many projects listed at the beginning of New York Music Month in June was a WNYE radio show and podcast called CityFM that promised to “explore the city’s music culture, emerging artists and trends, and upcoming events told through the lens of what’s happening around the city in Summer 2019.” And while [...]

  • Live Nation Logo. (PRNewsFoto/Live Nation)

    Live Nation Confirms Placing Tickets Directly on Secondary Market at Artists’ Request

    Representatives for Live Nation, the world’s largest live-entertainment company and owner of Ticketmaster, confirmed that it bypassed conventional channels and directly placed thousands of concert tickets on the secondary market upon artists’ request, in an article published in Billboard. In a statement shared with Variety, the company acknowledged that it has facilitated the transfer of [...]

  • Costume designer Michele Clapton

    Costume Designers Fashion a Plan to Fight for Pay Parity in Upcoming Contract Talks

    The Costume Designers Guild Local 892 is gearing up to fight for pay equity in its 2021 contract negotiations with the Alliance of Motion Picture and Television Producers, establishing a pay-equity committee to raise awareness of the scale disparity between the mostly female CDG membership and the mostly male membership of the Art Directors Guild Local [...]

More From Our Brands

Access exclusive content