AMC Entertainment Holdings, Inc. Announces Receipt of Approximately $203 Million of Proceeds
July 06 2018 - 12:03PM
Business Wire
Sale of Remaining Equity Interest in National
CineMedia, LLC. Completed
Acquisition of Screenvision Media By Abry
Partners Completed
AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the
Company”) announced today it has received approximately $203
million in proceeds related to two recently completed transactions
to monetize non-strategic assets.
Effective July 5, 2018, AMC completed the transaction to sell
the entirety of its remaining equity interest in National
CineMedia, LLC. (“NCM”), having sold all its 21,477,480 NCM common
units under previously announced terms and received $156.8 million
in cash.
Effective July 2, 2018, Abry Partners completed its transaction
to acquire a controlling stake in Screenvision Media. AMC retains a
minority interest in Screenvision, and as a part of the transaction
received approximately $45.8 million of cash proceeds.
As has been the case heretofore, AMC intends to use the sale
proceeds to pursue the four primary goals of its capital allocation
strategies: (a) deleveraging, (b) returning cash to shareholders
through share buybacks and dividends, (c) increasing its footprint
by adding new theatres in the U.S., Europe and the Middle East and
(d) achieving high investment returns through renovation of
theatres with recliner seats, enhanced food and beverage options
and an increased commitment to premium large format screens.
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the U.S., in
Europe and throughout the world with more than 1,000 theatres and
11,000 screens across the globe. AMC has propelled innovation in
the exhibition industry by: deploying its Signature power-recliner
seats; delivering enhanced food and beverage choices; generating
greater guest engagement through its loyalty program, web site and
smartphone 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, Norway, Spain, Sweden
and UK & Ireland. In a joint partnership with The Development
and Investment Entertainment Company, a subsidiary of The Public
Investment Fund of Saudi Arabia, AMC also operates AMC Cinemas in
the Kingdom of Saudi Arabia. For more information, visit
www.amctheatres.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180706005327/en/
AMC Entertainment Holdings, Inc.Investor
Relations:John Merriwether,
866-248-3872InvestorRelations@amctheatres.comorMedia:Ryan
Noonan, 913-213-2183rnoonan@amctheatres.com
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