Since the Coronavirus Pandemic broke into the world, everything stood at a place leading to lockdown. This has happened everywhere. Including the theaters, as they have been asked to shut down too.
At this tough times where the movie theater chain AMC Entertainment Holdings stock has been facing financial difficulties, their stocks zoomed over 40 percentage on Monday. This happened after a media report claimed that Amazon is in talks to acquire the chain of this theaters.
The report stated, “A deal would mark a pivotal moment in the history of the film industry and would give the streaming giants an even tighter grip on Hollywood.”
“Amazon is understood to have held talks about running the National Lottery in recent months and is said to be eyeing a takeover of satellite company OneWeb, the British firm backed by Sir Richard Branson, which filed for bankruptcy in March in the US,” the report added.
The chain of AMC has about 10,000 screens around the world. The total value of these theaters is now vauled at just 420 million dollars. Reportedly, the theater chain is on the verge of bankruptcy and hence it is giving Amazon to buy it in cheap rate.
AMC is the parent of the AMC and Carmike theatre chains in the US and the Odeon Cinemas chain in the UK.
Although, Amazon did not gave any comments in their interest in AMC, neither they commented on the report which is surrounding the internet.