{"id":118070,"date":"2021-07-12T17:41:38","date_gmt":"2021-07-12T17:41:38","guid":{"rendered":"https:\/\/fin2me.com\/?p=118070"},"modified":"2021-07-12T17:41:38","modified_gmt":"2021-07-12T17:41:38","slug":"imax-ceo-says-partner-amcs-stock-surge-has-helped-his-business-as-well","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/imax-ceo-says-partner-amcs-stock-surge-has-helped-his-business-as-well\/","title":{"rendered":"Imax CEO says partner AMC\u2019s stock surge has helped his business as well"},"content":{"rendered":"<ul>\n<li>AMC Entertainment&#x27;s surging stock price has been good for Imax&#x27;s business, Imax CEO Richard Gelfond said Monday.<\/li>\n<li>&quot;AMC is our partner, not our competitor,&quot; Gelfond said. &quot;They&#x27;re rolling out a lot of screens going forward, and their liquidity is good for us.&quot;<\/li>\n<li>Gelfond&#x27;s comments came after a record pandemic-era theatrical release of Marvel&#x27;s &quot;Black Widow,&quot; which\u00a0took home $80 million\u00a0at the weekend domestic box.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>DIS<\/span><\/li>\n<\/ul>\n<p>AMC Entertainment&#x27;s surging stock price has been good for Imax&#x27;s business, Imax CEO Richard Gelfond said Monday.<\/p>\n<p>&quot;AMC is our partner, not our competitor,&quot; Gelfond said on &quot;Squawk Box.&quot; &quot;I think their valuation is driven by their fanbase and their fanbase loves Adam Aron, and they love the asset and they&#x27;ve driven that stock to the higher ranges of valuation \u2014 and, you know, good for him. We&#x27;ve been a beneficiary of that, because they&#x27;re our partner. They&#x27;re rolling out a lot of screens going forward, and their liquidity is good for us.&quot;<\/p>\n<p>Imax, with operations across 84 countries and territories, has an &quot;asset-like model&quot; without real estate agreements or net debt making it an &quot;entirely different kind of company&quot; from AMC, Gelfond said.\u00a0<\/p>\n<p>Shares of AMC\u00a0have skyrocketed about 2,000% this year\u00a0in a frenzy driven primarily by meme stock-obsessed retail traders. AMC raised new capital in the surge, including share sales in June of\u00a0$230.5 million\u00a0to Mudrick Capital Management and\u00a0$587.4 million\u00a0in an additional stock offering.<\/p>\n<p>The movie theater chain\u00a0announced early last week\u00a0it will not seek to issue more stock after input from its shareholders. That prompted Loop Capital Markets\u00a0to say the investors are making a &#x27;huge mistake&#x27;\u00a0as Shareholders are usually not supportive of more stock offerings because more shares can dilute the value of current holdings.\u00a0<\/p>\n<p>Gelfond&#x27;s comments came after a record Covid pandemic-era theatrical release of Marvel&#x27;s &quot;Black Widow,&quot; which\u00a0took home $80 million\u00a0at the domestic box office during its debut in\u00a04,100 theaters. Around 81% of theaters were open to the public throughout the weekend, according to data from\u00a0Comscore.\u00a0<\/p>\n<p>The domestic release overtook ticket sales from\u00a0Universal&#x27;s &quot;F9&quot; which received $70 million from its box office launch last month, which had\u00a0replaced\u00a0earnings from &quot;A Quiet Place Part II.&quot;<\/p>\n<p>&quot;Black Widow&quot; tallied $78 million from international ticket sales, outside North America.<\/p>\n<p>&quot;It&#x27;s a really good, predictable pattern,&quot; Gelfond said. &quot;I&#x27;ve always said it&#x27;s not going to be a switch. It&#x27;s not gonna be one day we&#x27;re back to normal. It&#x27;s more like a faucet. From my perspective, it looks like the faucet&#x27;s working very well.&quot;<\/p>\n<p>Imax made $12 million globally, including North America, on &quot;Black Widow&quot; over the weekend. In a press release, the company said the blockbuster movie &quot;broke pandemic-era records for Imax across the board.&quot;<\/p>\n<p>Walt Disney\u00a0also reported more than $60 million in global sales for &quot;Black Widow&quot; through Disney+ Premier Access, marking the first time Disney reported simultaneous streaming revenue. However, Dsney&#x27;s next Marvel film &quot;Shang-Chi and the Ten Rings&quot; is headed for a theatrical release only.<\/p>\n<p>Looking ahead, Gelfond believes the theater industry will consolidate further around tentpole films like &quot;Black Widow,&quot; with mid-level and smaller films being shown through streaming-only releases.<\/p>\n<p>&quot;I think the mix in multiplexes will change in terms of the kind of films, but the blockbusters are going to drive the multiplex business, and certainly Imax&#x27;s business,&quot; Gelfond said.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/07\/12\/imax-ceo-says-partner-amcs-stock-surge-has-helped-his-business-as-well.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AMC Entertainment&#x27;s surging stock price has been good for Imax&#x27;s business, Imax CEO Richard Gelfond said Monday. &quot;AMC is our partner, not our competitor,&quot; Gelfond [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":118069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Imax CEO says partner AMC\u2019s stock surge has helped his business as well - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/imax-ceo-says-partner-amcs-stock-surge-has-helped-his-business-as-well\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Imax CEO says partner AMC\u2019s stock surge has helped his business as well - Fin2me\" \/>\n<meta property=\"og:description\" content=\"AMC Entertainment&#x27;s surging stock price has been good for Imax&#x27;s business, Imax CEO Richard Gelfond said Monday. &quot;AMC is our partner, not our competitor,&quot; 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