AMC Entertainment Holdings, IncNYSE
AMC Entertainment: Buying Opportunity Emerging, With Strong Fundamentals Intact
Johannes Salim, CFA
Johannes Salim, CFA
Yesterday, 2:49 PM
- Theater stocks spiral lower amid increased focus on a shorter window before movies are available at home.
- A top exec at Warner Bros. (TWX -0.6%) said at an investor conference earlier this week that he has held constructive talks within the industry about offering faster home rentals on top movies at a premium price ($25 to $50). Kevin Tsujihara says some films could be available for streaming as soon as two weeks after their big screen debut.
- On watch: Cinemark (CNK -3.6%), Regal Entertainment (RGC -2.5%), Carmike Cinemas (CNK -3.6%), Marcus Corp (MCS -0.5%), AMC Entertainment (AMC -3.6%) and IMAX (IMAX).
- The development could be positive for Netflix (NFLX +2.3%).
Wed, Nov. 16, 3:53 PM
- The European Commission approves the acquisition by AMC Entertainment (AMC -0.7%) of Odeon & UCI Cinemas Holdings from PE firm Terra Firma.
- The transaction is expected to close on or around November 30.
- The combination of AMC and Odeon & UCI on top of the Carmike acquisition will make AMC the largest movie theater operator in the world.
- Source: Press Release
Tue, Nov. 15, 3:04 PM
- Shareholders at Carmike Cinemas (CKEC +0.1%) approved the company's merger with AMC Entertainment (AMC +0.3%) during a special meeting held today.
- The company says 86% of the shares voted at the meeting were in favor of the theater chain combination.
- The transaction is expected to be completed by the end of 2016 or in early 2017 after regulatory approvals are lined up.
- Under the terms of the AMC merger agreement, Carmike stockholders will receive cash in the amount of $33.06 per share or 1.0819 shares of AMC class A common stock for each share of Carmike common stock owned by them.
- Source: Press Release
Mon, Nov. 14, 3:32 PM
- Shareholders at Carmike Cinemas (CKEC) are due to vote tomorrow on the proposed takeover by AMC Entertainment (AMC -0.1%). The deal is expected to be approved after some late buying action from firms looking for a short-term gain tipped the scales.
- AMC is also pursuing a deal in Europe that is precipitating the need to raise funds through a debt offering.
- If AMC lands both Carmike and Odean & UCI Cinemas Group, it would increase the company's theater count to about 900 locations to make it the largest movie chain in the world.
Mon, Nov. 7, 4:24 PM
Sun, Nov. 6, 5:35 PM
- ACAD, ACXM, ADUS, AKAO, ALB, ALGN, AMC, ANDE, APEI, APLE, ARNA, BIOS, CHGG, CKEC, CRAY, CST, CTLT, CUTR, CZR, DEPO, DMD, DTLK, DTSI, EBS, EDIT, ENV, EPM, FANG, FARM, FICO, FN, FNV, FOGO, FRGI, FSM, FTD, HALO, HCKT, HTZ, IAG, IFF, JKHY, JPEP, KND, LSCC, LYV, MAR, MATX, MCHP, MODN, MXL, NCMI, NEWR, NH, NVGS, NVRO, NWSA, OAS, OMF, OPK, ORA, OUT, PACD, PCLN, PINC, PKI, PRAA, PTLA, RARE, REN, RMTI, RRR, RST, RTEC, RWT, SCSC, SGY, SITE, SNCR, SNHY, TCX, TDW, TREX, TSLX, ZGNX
Fri, Nov. 4, 3:15 AM
- Expanding its reach in Hollywood, Chinese conglomerate Dalian Wanda is buying Dick Clark Productions for about $1B, giving it broadcasting rights to the Golden Globe Awards, the Academy of Country Music Awards and the New Year countdown celebrations in NY.
- Wanda already owns AMC Theaters (NYSE:AMC), which it bought for $650M in July, and the production company Legendary Entertainment, which it purchased for $3.5B in January.
Thu, Nov. 3, 5:43 PM
Mon, Oct. 24, 6:57 AM
- AMC Entertainment Holdings (NYSE:AMC) expects to report Q3 revenue of $777M to $780M vs. $785M consensus.
- Operating income is expected to fall in a range of $63.5M to $66.5M and adjusted EBITDA of $142M to $145M is anticipated.
- The company says total attendance was up about 10% during the quarter.
- Full earnings are due to be reported on November 7.
Fri, Oct. 21, 7:06 AM
- AMC Entertainment (NYSE:AMC) announces that it intends to offer approximately $900M in senior notes.
- The company also intends to offer approximately $500M principal amount dollar-denominated “B” term loans due 2023 via a new “B” incremental term loan tranche under its existing credit agreement .
- The proceeds brought in from the notes and borrowings will be used for the purchases of Odeon & UCI and Carmike Cinemas.
- Source: Press Release
Mon, Oct. 17, 6:58 PM
- Ben Affleck and The Accountant (TWX -0.9%) outpaced expectations and took the weekend's box office crown, grossing $24.7M to surpass last week's leader.
- The Girl on the Train (CMCSA -0.3%) followed up at No. 2, taking $12.25M to bring its two-week total to $46.8M domestically. The thriller has grossed $79.9M worldwide.
- Meanwhile, Kevin Hart: What Now?, another Universal film, made the largest opening ever for a stand-up comedy film, grossing $11.8M and just missing the No. 2 spot.
- Among other debuts, the only other wide release, Max Steel (AMC -0.6%, RGC -1.1%), flopped with just $2.2M despite a 2,000-theater opening.
Mon, Oct. 10, 7:52 AM
- The U.S. box office is up 3.8% Y/Y to $8.7781B through October 9, according to the latest tabulation from Box Office Mojo.
- The sector received a boost in the third quarter from the strong runs of The Secret Life of Pets and Suicide Squad.
- A higher average ticket price this year helped to offset some traffic slips.
- Movie theaters face a tough comparison in Q4 after Star Wars: The Force Awakens brought in $652M during the period last year.
- Related stocks: CKEC, AMC, CNK, IMAX, RDI, MCS, NCMI.
Mon, Sep. 19, 12:32 PM
- Lions Gate (NYSE:LGF) is off 4.4% after its critically mixed horror film Blair Witch fell well short of knocking off Sully (TWX +1.4%) from the top of the box-office chart.
- Blair Witch was the best of three top-five debuts, but Sully's $22M kept it on top for the second straight week.
- Lions Gate's new revisit to the woods of its 1999 cult film The Blair Witch Project pulled just $9.7M despite opening in more than 3,000 theaters. It has a "36% Fresh" rating on review aggregator Rotten Tomatoes.
- Just behind at No. 3 was another disappointing showing in Bridget Jones's Baby (CMCSA -0.2%), with $8.2M, followed by Snowden (AMC -0.2%, RGC) with $8M.
- Sully, directed by Clint Eastwood and starring Tom Hanks, has hit $70.5M cumulative in its two weeks, and $93.9M total worldwide.
Tue, Aug. 30, 9:45 AM
Mon, Aug. 29, 11:42 AM
- The U.S. box office is up 5.5% to $7.9328B after the first eight months of the year, according to tallying from Box Office Mojo.
- Higher ticket prices account for some of the gain.
- Despite a solid summer in terms of movie theater attendance, studios may have left something on the table as they suffered from "sequelitis virus," according to an insider look from The Hollywood Reporter.
- SA contributor L&F Capital Management pointed out last week that Disney's box office dominance (Finding Dory, Captain America: Civil War, The Jungle Book) this year bodes well for Netflix (NFLX +0.7%) which has exclusive streaming rights for the movies geared at children.
- Related stocks: CKEC, AMC, CNK, RLD, IMAX, RDI, MCS, NCMI.
Wed, Aug. 24, 7:33 AM
- Exhibitor stocks have a new fan in boutique firm Loop Capital.
- Loop Capital starts coverage on Cinemark (NYSE:CNK) and AMC Entertainment (NYSE:AMC) with Buy ratings. Regal Entertainment (NYSE:RGC) is initiated with a Hold rating.
- The U.S. box office is up 4.8% over last year's level through August 22, according to tracking from Box Office Mojo.