Shares of AMC Entertainment Holdings Inc jumped more than 18% on Tuesday, set for their biggest gain in a month, after a report that ecommerce giant Amazon.com Inc was looking to buy the theater chain.
Amazon founder Jeff Bezos has dispatched his investment advisers and top entertainment chiefs to explore acquisition plans for AMC, The Intersect reported, citing sources familiar with the discussions.Amazon last year closed its $8.5 billion deal for MGM, adding the company behind "Rocky" and James Bond in a bid to beef up its Prime Video streaming service amid intensifying competition.
AMC's shares have gained about 11% this year to Monday's close, giving it a market value of about $2.4 billion. AMC was a famous "meme" stock during the Reddit-fueled surge and the company was valued at more than $23 billion at the peak of the rally in June 2021. Movie theaters are struggling to draw in crowds since the lifting of pandemic restrictions, as rising costs force people to cut spending on out-of-home entertainment and more on groceries and rent.Our Standards:
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