AMC Theatres shares plummet as theater chain reels from box office struggles
LA TimesAMC Entertainment shares plummeted Thursday after the theater chain indicated in an SEC filing that it might sell up to $250 million worth of its stock. AMC Chief Executive Adam Aron previously implored the entertainment unions and the Hollywood studios to end their labor disputes “immediately” to mitigate the “collateral damage from these lengthy work stoppages.” The exhibitor also cited in the SEC filing “increased seasonal working capital requirements. The beginning of 2024 spelled trouble for AMC and other cinema operator as big-budget studio vehicles such as Sony Pictures’ “Madame Web” and Apple’s “Argylle” tanked and domestic box office revenue fell 20% from the previous year. But pickings remained fairly slim until March, when Warner Bros. and Legendary’s “Dune: Part Two” opened with more than $80 million in the U.S. and Canada, the first movie to do so in four months. Still to come in 2024 are Universal Pictures’ “Wicked,” Warner Bros.’ “Furiosa: A Mad Max Saga,” Paramount’s “Gladiator 2,” Sony’s “Venom: The Last Dance,” Amazon MGM’s “Challengers” and Disney’s “Deadpool & Wolverine.”
History of this topic
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