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Finance

Are AMC Theatres Closing Amid the COVID-19 Pandemic?

AMC Entertainment Holdings, the largest film exhibition company in the U.S. and Europe, has faced immense struggles to survive amid the COVID-19 pandemic. Since so many cinemas have been forced to close or face limited capacity, moviegoers have turned to online streaming services. Have AMC Theatres been weathering the storm?

AMC Theatres is still operational and plans to continue despite the industry’s lagging recovery. While Cineworld, the second-largest movie theater chain in the country, has closed all of its Regal Cinemas right now, AMC and Cinemark are remaining open, according to Fox Business

Is AMC Theatres closing?

AMC Theatres isn’t closing at this time. The company plans to push film studios to work with them to bring back live theater experiences. AMC CEO Adam Aron had harsh words about Warner Bros. and its decision to release 2021 films in theaters and on HBO Max at the same time.  

“Clearly, WarnerMedia intends to sacrifice a considerable portion of the profitability of its movie studio division, and that of its production partners and filmmakers, to subsidize its HBO Max startup,” Aron said in an emailed statement, according to Bloomberg

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WarnerMedia owns Warner Brothers and HBO Max. The BBC reported that its chair and chief executive, Ann Sarnoff, expressed the desire to see the movie theater industry bounce back. She said that new content is “the lifeblood of theatrical exhibition.”  

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Earlier in the year, AMC threatened to ban Universal movies for its plan to simultaneously release movies in theaters and on digital services. The companies reached an agreement. Universal can start digital streaming options for movies after 17 days of exclusive theater rights, according to Variety

View more information: https://marketrealist.com/p/are-amc-theatres-closing/

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