AMC Entertainment Holdings Inc., the first operator to enter Saudi Arabia after it lifted a ban on movie theaters, has sold its stake in the venture for $30 million but will continue to license its AMC Cinemas name in the kingdom for current and future locations. The Leawood-based company (NYSE: AMC), the world’s largest theater operator, entered Saudi Arabia in 2018 , ending the nation’s 35-year ban on cinemas with a showing of “Black Panther.” At the time, AMC planned to operate as many as 40 theaters in five years. However, AMC eventually opened just 12 more locations, after wrangling the pandemic and increasingly stiffer competition. Saudi operator muvi Cinemas now leads the market, and Dubai-based subsidiary Vox Cinemas also is a big player, The Associated Press reports . AMC CEO Adam Aron said in a release that the company always planned to exit Saudi Arabia . Upon entering, it had two goals, he said: “bring moviegoing to the Saudi people” and train management and corporate teams so that they eventually could operate the enterprise themselves. But Aron was quick to point out that AMC didn’t leave empty-handed. The $30 million will boost the company’s cash holdings as it […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
