AMC Entertainment (NYSE:AMC) just acquired a 9.1% stake in National CineMedia, Inc. (NASDAQ:NCMI).
Shares of National CineMedia jumped more than +130% after hours on Monday; AMC shares closed the day up nearly +7%.
An SEC filing discloses AMC Entertainment now owns a whopping 16,581,829 shares of NCMI stock, a 9.1% stake in the company.
National CineMedia is an American cinema advertising company.
NCM displays ads to U.S. consumers in movie theaters, online and through mobile technology.
NCM presents cinema advertising across a digital in-theater network across a variety of movie theatres worldwide.
In May 2014, Screenvision entered into a merger agreement with NCM for US$375 million.
The merger was blocked by the Department of Justice over antitrust concerns, since Screenvision and NCM together would supply advertising to 34,000 of the nation’s 39,000 movie theaters.
In March 2015, Screenvision and NCM terminated their deal and NCM paid Screenvision a $26.8 million termination payment.
National CineMedia, Inc. Ownership
Amongst AMC Entertainment, other National CineMedia owners include Cinemark Holdings, Regal Entertainment Group, Standard General L.P., BlackRock, and WASATCH Advisors, per Fintel data.
NCMI reported a positive quarterly cash flow of $12.10 million for September 2022.
AMC Entertainment CEO Adam Aron has yet to make an announcement on AMC acquiring a 9.1% stake in National CineMedia at the time of this publication.
The CEO recently shared news that the company had its busiest weekend of 2023 and the company’s third busiest weekend since December 2019.
Latest AMC Stock News
“WHAT A WEEKEND. It’s official. Record revenues for AMC at our U.S. theatres on Easter weekend thanks to strong attendance and superb food and beverage sales. 3.6 million people watched Mario, Air Jordan and more stories on the big screen at AMC! The path to recovery continues,” said the CEO on Twitter.
AMC Entertainment made the following statement:
“AMC, the largest theatrical exhibitor in the United States and the world, today announced it enjoyed its busiest weekend so far in 2023, as more than 3.6 million guests attended a movie at an AMC location in the United States from Friday to Sunday.
The strong audience turnout gave AMC its third busiest Friday to Sunday weekend since December of 2019.
Since reopening in 2020, two of AMC’s top three revenue days occurred this past weekend, including Saturday, which was AMC’s highest revenue day in the United States since theatres reopened.
The weekend attendance was driven by a slate of titles that appealed to a broad range of moviegoing audiences, led by the opening weekend of THE SUPER MARIO BROS. MOVIE, which set box office records of its own this weekend.
New release AIR, and strong holdovers from DUNGEONS AND DRAGONS: HONOR AMONG THIEVES and JOHN WICK: CHAPTER 4 also helped drive weekend attendance.”
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Shocking that the CEO of AMC is saying they need to do a 10 to 1 reverse stock split and merge APE into AMC while Investors of AMC again get shit on, and allows Hedge funds a way of dumping 90 % of there illegal Shorts. I hope the Judge sees this. .
This is EPIC!!! MOVIE AWARD ELIGIBILITY REQUIRES MOVIE TO BE SHOWN IN THEATER. FOREVER. PERPETUITY. ONLY ONE SHORT EXISTS.
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