Business

By Reuters

March 28, 2023 | 3:25pm

Shares of AMC Entertainment Holdings jumped greater than 18% on Tuesday, set for his or her greatest achieve in a month, after a report that ecommerce big Amazon was trying to purchase the theater chain.

Amazon founder Jeff Bezos has dispatched his funding advisers and prime leisure chiefs to discover acquisition plans for AMC, The Intersect reported, citing sources aware of the discussions.

AMC didn’t instantly reply to a Reuters request for remark, whereas Amazon declined to remark.

Amazon final yr closed its $8.5 billion deal for MGM, including the corporate behind “Rocky” and James Bond in a bid to attract extra clients to its Prime Video streaming service amid intensifying competitors.

AMC’s shares, which posted a 12-fold bounce in 2021 in a Reddit-fueled surge, have gained about 11% this yr to Monday’s shut.

Movie theaters are struggling to attract in crowds since pandemic-restrictions have been lifted as rising prices have made individuals spend extra on groceries, lease and fuel, whereas lowering spending on out-of-home leisure.