A couple walk past movie theatres of the US cinema chain AMC Entertainment in Monterey Park, east of downtown Los Angeles. Photo: AFP/Frederic J. BROWN
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https://scmp.com/news/world/middle-east/article/2124173/amc-teams-saudi-sovereign-investment-fund-bring-movies Middle East
AMC teams with Saudi sovereign investment fund to bring movies to the kingdom
Saudi Arabia is in the process of lifting a 35-year-old ban on cinemas
A couple walk past movie theaters of the US cinema chain AMC Entertainment in Monterey Park, east of downtown Los Angeles on May 22, 2012 in California. The Dalian Wanda Group, a properties firm owned by one of China's richest men, said May 21 it would buy the US cinema chain AMC Entertainment for $2.6 billion in a sign of China's growing clout in the entertainment business. AMC is the second largest movie exhibitor in the United States and operates 346 multiplex theatres mostly in major US and Canadian cities with a total of 5,034 screens. AFP PHOTO/Frederic J. BROWN
By Tony Owusu
AMC Entertainment and Saudi Arabia’s main sovereign wealth fund announced a partnership to bring cinemas to the country as it lifts a 35-year-old ban on cinemas.
“In line with the fund’s mandate to help unlock promising new sectors within the kingdom, PIF and AMC Entertainment will explore theatrical exhibition and related investment and partnership opportunities in Saudi Arabia,” the Public Investment Fund said.
AMC shares were up more than three per cent Tuesday afternoon.
“This announcement is a historic moment for the theatrical exhibition industry and a tremendous opportunity to connect AMC’s movie products with the Kingdom of Saudi Arabia’s more than 30 million citizens, many of whom we know are movie fans based on their regular visits to cinemas in neighbouring countries,” AMC CEO Adam Aron said in the statement.
In a separate deal, Costco announced that it partnered with movie-theatre subscription service MoviePass and streaming service Fandor to offer a one-year subscription to both services for a flat rate.
Helios and Matheson Analytics, which owns a majority stake in Moviepass, was up 12 per cent Tuesday afternoon.