AMC drops as movie-theater chain’s CEO again discusses potential issuance of 500 million shares

AMC Entertainment
  • AMC shares fell by more than 6% during Thursday’s session after the company reiterated plans to issue 500 million shares.
  • The movie-theater chain’s CEO sees an “opportunity” to bolster cash reserves and make other operational moves.
  • “We’ll be sensitive to dilution issues,” said AMC CEO Adam Aron on CNBC.
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AMC shares fell Thursday after the movie-theater chain’s chief spoke about the company’s plan to issue 500 million shares.

AMC in a March regulatory filing said it wanted to increase the number of shares to total more than 1.02 billion and for shareholders to vote on the matter on May 4.

“We’ll be sensitive to dilution issues, but at the same time there’s an opportunity to bolster our cash reserves and there’s an opportunity to buy back debt at a discount or pay deferred theater rents,” AMC CEO Adam Aron said on CNBC’s “Squawk on the Street” program. “There are a lot of good reasons for shareholders to give us the authority.”

The company is already seeing benefits from the vaccination of millions of Americans from COVID-19 as well as from the release of new movies, Aron said.

Shares of AMC fell by as much as 6.3% to $9.56 before trimmed losses to 5%. The shares, which have grown in popularity among investors on Reddit’s Wall Street Bets forum, have leapt from around $2 each at the start of 2021.

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Disney’s CEO explains how the pandemic has forever changed our relationship with cinema

Bob Chapek
Walt Disney CEO Bob Chapek said moviegoers’ relationship with cinema has changed forever.

  • Disney’s CEO said audiences’ relationship with theaters had changed forever, Bloomberg reported.
  • Bob Chapek said viewers would no longer accept a gap between a theater and on-demand releases.
  • Disney will close 60 North American stores and triple its Plus subscribers to 230 million by 2024.
  • Visit the Business section of Insider for more stories.

Walt Disney CEO Bob Chapek said moviegoers’ relationship with cinema had changed forever due to the pandemic and that the effects will last in the long-term, Bloomberg reported.

Speaking at a media and technology conference hosted by Morgan Stanley, Chapek said the old approach with a gap between when a movie comes out in theaters and when it is available on-demand wasn’t “viable anymore.”

“The consumer is probably more impatient than they’ve ever been before, particularly since now they’ve had the luxury of an entire year of getting titles at home pretty much when they want them,” Chapek said. “I’m not sure there’s going back.”

According to Bloomberg, Disney had the largest market share of any movie distributor before the pandemic hit, so any shift in focus to streaming will definitely be felt in movie theaters.

The media giant owns four streaming services – Disney Plus, Hulu, ESPN Plus, and Star, with tailored versions for key international markets.

In February, the company announced its flagship service Disney Plus had hit 95 million subscribers, bringing the total number of subscriptions across all streaming services to 146 million, according to an earnings report.

Disney expects to treble the number of Disney Plus subscribers to between 230 and 260 million by 2024 and will double its investment in original content to about $15 billion over the next four years.

On Wednesday, the company announced it would shut 60 stores across North America to focus on a “more flexible, interconnected e-commerce experience.”

“This is the perfect time to make operational changes,” said Chapek, who took over the reins at Disney in February 2020 from former CEO Bob Iger.

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Domino’s is giving out a free 30-day movie streaming subscription if you order a pizza online

Dominos Cheeseburger Pizza Taco Pizza 14
  • Domino’s is offering a 30-day subscription to streaming service Epix Now if you order your pizza online.
  • The offer is valid up to April 11, and all you have to do is click a link and provide your email — no credit card details are needed.
  • The MGM-owned platform has more than 2,000 movies on offer, including James Bond films, “Pet Sematary,” and “Sonic the Hedgehog.”
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Domino’s will give you a 30-day subscription to movie streaming platform Epix Now if you order one of its pizzas online.

Any customer who orders online up to April 11, 2021 will receive free access to the MGM-owned platform.

The subscription won’t automatically continue after the free trial, so you won’t end up accidentally paying for the $5.99 a month service beyond your one month.

Domino’s will include a link on its order confirmation page, confirmation emails, and pizza tracker page that customers simply have to click through. They don’t have to provide any credit card information – an email address is enough, Domino’s says.

Read more: An analysis of hundreds of exec interviews shows TikTok’s impact on a wide variety of companies in 2020 like Spotify, Snapchat, and Netflix

Epix Now has more than 2,000 movies, including James Bond films, “Pet Sematary,” and “Sonic the Hedgehog,” and 300 hours of original series and specials.

“Pizza and movies go hand-in-hand,” Art D’Elia, Domino’s chief marketing officer, said.

If you’re not in the mood for pizza, you can also get a free seven-day trial direct for the Epix Now directly through its app and website.

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