AMC Entertainment Holdings, Inc. Sells Its 50 Percent Stake In Open Road Films To Tang Media Partners
August 08 2017 - 9:19AM
Business Wire
AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the
Company”), today reported the sale of its 50 percent ownership
stake in Open Road Releasing, LLC (“Open Road Films”) to Tang Media
Partners (TMP). Details of the transaction are included in the form
10-Q filed today with the Securities and Exchange Commission.
“AMC is honored to be working with Tang Media Partners as it
takes over the helm of Open Road Films,” said AMC President and CEO
Adam Aron. “We look forward to close cooperation with TMP in active
support of the movies Open Road brings to our theatres. The sale of
our ownership stake in Open Road is consistent with our plan
announced this past Friday to identify non-strategic assets, all
together totaling $400 million, that can be monetized over the next
twenty-four months. Implementing that plan has now begun.”
About AMC Entertainment Holdings, Inc.
AMC (NYSE: AMC) is the largest movie exhibition company in the
U.S., in Europe and throughout the world with 1,009 theatres and
11,083 screens across the globe. AMC has propelled innovation in
the exhibition industry by: deploying more plush power-recliner
seats; delivering enhanced food and beverage choices; generating
greater guest engagement through its loyalty program, web site and
smart phone apps; offering premium large format experiences and
playing a wide variety of content including the latest Hollywood
releases and independent programming. AMC operates among the most
productive theatres in the United States’ top markets, having the
#1 or #2 market share positions in 22 of the 25 largest
metropolitan areas of the United States, including the top three
markets (NY, LA, Chicago). Through its Odeon subsidiary, AMC
operates in 14 European countries and is the #1 theatre chain in
Estonia, Finland, Italy, Latvia, Lithuania, Spain, Sweden and UK
& Ireland. www.amctheatres.com
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and for complying with our disclosure obligations under Regulation
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Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “plan,” “estimate,” “will,” “would,” “project,”
“maintain,” “intend,” “expect,” “anticipate,” “prospect,”
“strategy,” “future,” “likely,” “may,” “should,” “believe,”
“continue,” “opportunity,” “potential,” and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements are based on information available at
the time the statements are made and/or management’s good faith
belief as of that time with respect to future events, and are
subject to risks, trends, uncertainties and other facts that could
cause actual performance or results to differ materially from those
expressed in or suggested by the forward-looking statements. These
risks, trends, uncertainties and facts include, but are not limited
to, risks related to: motion picture production and performance;
AMC’s lack of control over distributors of films; intense
competition in the geographic areas in which AMC operates;
increased use of alternative film delivery methods or other forms
of entertainment; shrinking exclusive theatrical release windows;
international economic, political and other risks; risks and
uncertainties relating to AMC’s significant indebtedness; AMC’s
ability to execute cost cutting and revenue enhancement
initiatives; box office performance throughout the remainder of
2017; additional impairment related to AMC’s NCM investment;
limitations on the availability of capital; risks relating to AMC’s
inability to achieve the expected benefits and performance from its
recent acquisitions; AMC’s ability to comply with a settlement it
entered into with the U.S. Department of Justice pursuant to which
it agreed to divest theatres and divest holdings in National
CineMedia, LLC; AMC’s ability to refinance its indebtedness on
favorable terms; optimizing AMC’s theatre circuit through
construction and the transformation of its existing theatres may be
subject to delay and unanticipated costs; failures, unavailability
or security breaches of AMC’s information systems; risks relating
to impairment losses and theatre and other closure charges; AMC’s
ability to utilize net operating loss carryforwards to reduce its
future tax liability; review by antitrust authorities in connection
with acquisition opportunities; risks relating to unexpected costs
or unknown liabilities relating to recently completed acquisitions;
risks relating to the incurrence of legal liability; general
political, social and economic conditions and risks, trends,
uncertainties and other factors discussed in the reports AMC has
filed with the SEC. Should one or more of these risks, trends,
uncertainties or facts materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by the forward-looking
statements contained herein. Accordingly, you are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date they are made. Forward-looking statements
should not be read as a guarantee of future performance or results,
and will not necessarily be accurate indications of the times at,
or by, which such performance or results will be achieved. For a
detailed discussion of risks, trends and uncertainties facing AMC,
see the section entitled “Risk Factors” in AMC’s Annual Report on
Form 10-K, filed with the SEC on March 10, 2017, and the
risks, trends and uncertainties identified in its other public
filings. AMC does not intend, and undertakes no duty, to update any
information contained herein to reflect future events or
circumstances, except as required by applicable law.
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AMC Entertainment Holdings, Inc.INVESTOR RELATIONS:John
Merriwether, 866-248-3872InvestorRelations@amctheatres.comorMEDIA
CONTACTS:Ryan Noonan, 913-213-2183rnoonan@amctheatres.com
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