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The year started off badly for the theater chain owned by China’s Wanda Group. AMC Entertainment reports that it had a Q1 net loss of $7.46M, down from a $727,000 profit in the period last year, on revenues of $577.8M, -9.2%. Admissions revenues fell 10.1% to $382.9M, as attendance fell 11.3% to 42.7M, offsetting a 1.2% increase in the average ticket price. AMC says that it raised prices for 2D films, but fewer people ended up paying premiums to see 3D or large-screen films. Concessions fell 2.1% to $167.9M, largely due to the attendance drop. While the company’s film exhibition costs fell 13.5% to about $191M, concession costs rose 2.6% to $23.2M. At the end of April, AMC borrowed $925M mostly to refinance existing debt.
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AMC Entertainment Winds Up With A Net Loss For Q1
UPDATE: Regal And AMC End Disney Renegotiation Dispute: Advance Ticket Sales Begin For ‘Iron Man 3′
2ND UPDATE 2:30 PM: The largest domestic movie theater chain Regal Entertainment says this post is going up on its Facebook page: “Regal has Iron Man 3! After some extensive talks with Disney, we’re glad to say that Tony Stark will definitely be in our theatres for Iron … Read More »
Deadline Big Media With David Lieberman, Episode 27
Listen to (and share) Episode 27 of our audio podcast Deadline Big Media With David Lieberman as our Executive Editor and host David Bloom look at Crood attempts to revive the sagging shares of DreamWorks Animation; brightening numbers for two of the biggest exhibition chains; and what it might mean for Los Angeles and the entertainment business as a whole now that live-entertainment and sports giant AEG is off the market, and its long-time CEO has departed.
Deadline Big Media, Episode 27 (MP3 format)
Deadline Big Media, Episode 27 (MP4a format)
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AMC Entertainment Swings To Profit In 2012 With 6.8% Attendance Growth
Like most of its peers, the No. 2 exhibition chain has good reason to look fondly at the results from 2012 — a year when industrywide domestic box office hit a record high of $10.8B. AMC Entertainment says it generated net income of nearly $58M for the year, up from a $242.4M loss in 2011, on revenues of $2.65B, +10.8%. Much of the increase was due to the 6.8% pickup in attendance, to 199M. With that and a 1.9% increase in the average ticket price, to $9.04, total admission revenues increased 8.8% to $1.79B. In addition, concession sales rose 12.3% to $743.4M. AMC didn’t include quarterly results in the report it filed at the SEC to account for changes in its fiscal year, which now will end in December instead of March. The report notes that CEO Gerald Lopez received $4.1M in compensation for the nine-month period that ended in December, up from $1.7M for the fiscal year that ended in March. Read More »
Exhibitor AMC Says Admissions And Revenues Fell In Q3
The soft results in an SEC filing this evening are consistent with some of the numbers we’ve seen elsewhere for the quarter — but with a lot of financial noise resulting from Wanda Group’s $2.7B acquisition … Read More »
It’s Official: Wanda Group Closes $2.6B Purchase of AMC Entertainment
AMC Entertainment Loses Top Hollywood Connections In Pre-Acquisition Shake-Up
Word is that the re-structuring will result in dozens of layoffs — in the field as well as at AMC’s new headquarters on the Kansas side of Kansas City. But the company says that it will lose two longtime execs with the closest ties to Hollywood: Film Programming President Sonny Gourley (a 37-year AMC vet) and film buyer Dave Hull (40 years). Many of their responsibilities will be taken on by Elizabeth Frank, who is being promoted to Chief Content and Programming Officer from SVP for Strategy where she managed AMC’s relationships with IMAX and National CineMedia, among other things. She will still report to CEO Gerry Lopez and remain on the board of Open Road Films (AMC’s joint venture with Regal) – but the company says she’ll also “take a growing and active role in working with our new parent company, The Wanda Group”. That’s the Chinese company that’s poised to pay $2.6B for AMC, most of it from assuming AMC’s enormous debt. Read More »
AMC-Wanda Deal Gets Regulatory OK
Wanda says its acquisition of AMC Entertainment should close at the end of August. The $2.6B deal — mostly from Wanda’s assumption of AMC debt — was cleared by the Committee on Foreign Investment in the U.S. and the Federal Trade Commission as well as China’s National Development and Reform Commission, Ministry of Commerce, and State Administration of Foreign Exchange. The company’s betting on U.S. exhibition at a time when the industry’s prospects are murky — and not simply due to last week’d tragedy in Aurora, Colo. Things look good now: Stock prices for chains including Carmike, Cinemark, and Regal have outperformed the overall market over the last few years — including over the last 12 months and year-to-date in 2012. Investors have been impressed by theaters’ ability to keep raising prices for tickets and concessions even as the number of admissions has either remained flat or declined. But consumers are starting to push back. For example, many chains have had to lower their pric- hike expectations for 3D movies. Studios also haven’t abandoned their hope to offer recently released movies on VOD, which theater owners say could cut into their sales.
Related: China’s Wanda Group Agrees To Pay $2.6B For AMC Entertainment
Here’s the release from Wanda and AMC: Read More »
What The Theater Chains Are Saying
The exhibition chains are weighing in with their response to the Colorado theater shooting.
REFRESH FOR LATEST…
Cineplex
We are shocked and saddened by last night’s tragedy in Aurora, Colorado and extend our deepest sympathies to the family
IMAX Shares Up After It Expands Alliance With AMC Entertainment
IMAX shares jumped more than 4.4% in early trading after it announced that AMC Entertainment has agreed to expand their revenue sharing relationship — and install additional large screen theaters in the U.S. They will … Read More »
Cineplex Acquires Four Of AMC’s Theaters
With the formal closing of the deal, Canada’s dominant exhibition chain picks up 126 screens –all in the greater Toronto area except for 22 in West Montreal. Cineplex will close the four former-AMC venues today for some … Read More »
AMC Entertainment Responds To MovieTickets.com’s Double-Cross Charges
AMC Entertainment passed up the opportunity to share its side of its dispute with MovieTickets.com before we ran our in-depth account of the fascinating behind-the-scenes story on Monday. MovieTickets and its backers — Hollywood Media and … Read More »
MovieTickets Vs. AMC: Did Theater Chain Pull A Double-Cross?
EXCLUSIVE: It sure looks that way based on the eye-opening — and, up to now, undisclosed — stories of hardball gamesmanship that MovieTickets tells the Circuit Court in Palm Beach, Fla., in its breach of contract suit against AMC Entertainment. The online ticketing company and its backers — ad and ticket sales company Hollywood Media, and Sumner Redstone‘s National Amusements — say in the second amended complaint filed last month that the No. 2 theater chain, a founding member, engaged in “unconscionable, unfair, and deceptive acts and practices.” They culminated in AMC’s decision in February to move its online business to Comcast-owned Fandango. The plaintiffs add that MovieTickets’ “current viability has been threatened” by AMC. But if they prevail, then AMC might have to return to the fold and pay as-yet unspecified damages. That could belie the claim by The New York Times and its followers in the trade press that the online ticket sales competition is already over, with Fandango the winner. Even though AMC switched sides, it noted in an SEC filing on Friday that it still owns 26.2% of MovieTickets.
Related: AMC Entertainment Sued After Breaking With MovieTickets To Sell Tickets With Fandango Read More »
China Lion Eyes U.S. Market With Cannes Pickups
Freelance journalist Don Groves is a Deadline contributor based in Sydney
EXCLUSIVE: China Lion Film Distribution is set to ramp up its North American release schedule after acquiring five titles at Cannes as well as targeting films it hopes will … Read More »
Big Changes At AMC Entertainment: Q&A With Gerry Lopez
Don’t rule out the possibility that China’s Dalian Wanda Group will eye the U.S. movie production business now that it has agreed to pay $2.6B for AMC Entertainment. The exhibition chain’s also considering allowing texting during some showtimes. AMC chief Gerry Lopez, 52, says all kinds of things can happen these days, and especially following his blockbuster deal last week with Wanda’s billionaire chief Wang Jianlin. It’s Wang’s first major foray outside of his country, as well as the biggest buyout by a Chinese company of a U.S. entity. If approved by government officials, Wanda will pick up the No. 2 movie chain — whose initials used to stand for American Multi-Cinema — with 5,034 screens at 346 theaters in the U.S. and Canada.
The deal cures AMC’s biggest headache. It needed to pay off its private equity owners: J.P. Morgan, Apollo Management, Bain Capital, The Carlyle Group, and Spectrum Equity. The company had hoped to go public but that effort stalled as AMC continued to spill red ink. In the 52 weeks that ended in March it generated a net loss of $82M — an improvement from the $122.9M loss in the same period ending a year ago — on revenues of $2.6B, up 6.7%. Wanda’s purchase price includes the assumption of AMC’s $2.2B in debt, which required the chain to pay about $160M in interest in its latest fiscal year.
What happens now? Deadline Executive Editor David Lieberman spoke with Lopez, a former Starbucks exec, about AMC’s plans with Wanda and other hot-button issues in exhibition. This interview was edited for length and clarity: Read More »
China’s Wanda Group Agrees To Pay $2.6B For AMC Entertainment
About $2B in the purchase price comes from Wanda’s assumption of AMC’s debt, I’m told. The deal is expected to close in a few months after it’s approved by anti-trust officials and the federal Committee on Foreign Investment in the United States. In the meantime, AMC will keep alive its application at the SEC to go public — even though the company has done little to move it along. Wanda sees its acquisition of AMC as an opportunity to secure a foothold in the U.S., learn industry best practices, and strengthen its relationship with IMAX. The deal calls for AMC management to remain in charge of the U.S. operation at the company headquarters in Kansas City. Wanda’s deep pockets also should enable debt-laden AMC to make needed renovations, and possibly give it the ability to acquire theaters.
Here’s the announcement: Read More »
China’s Wanda Group In Talks To Acquire AMC Entertainment: Report
AMC, owner of North America’s second-biggest movie theater chain, has been in on-and-off discussions with Chinese giant Wanda for over a year, The New York Times reports. The talks, which have recently heated up, concern a straight acquisition or the purchase of a “significant stake” in the company, the newspaper says. Along with owning 730 local movie screens (47 are IMAX), Wanda has interests in luxury hotels, tourism investment and department stores and has annual income of $17B. Chairman Wang Jianlin recently said the company intended to increase its investment in cultural industries. AMC has roughly 350 theaters with 5,050 screens and is currently held by a group of investment firms including Apollo, JPMorgan, Bain Capital and the Carlyle Group. A deal would put a current value of about $1.5B on AMC, The Times estimates. Read More »
AMC Theaters Generated $4M Yesterday From ‘Avengers’ Mania
EXCLUSIVE: AMC Theaters pulled out all the stops to cash in on the huge audience interest in Marvel’s The Avengers, and the exhibition chain says today that the effort paid off. “We grossed almost $4M … Read More »
High Cost of Movie Snacks Prompts Suit
A movie fan in Michigan is mad as hell and isn’t going to eat it anymore. Joshua Thompson, from Livonia, Mich., has translated the usually silent outrage and frustration of most moviegoers who can’t believe they’re paying $5 … Read More »
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