As theaters come back strong after the pandemic, AMC is moving to expand its hold over the market and pick up some of the theaters that didn't survive. AMC Entertainment announced that it plans to raise $230.5 million for key acquisitions in the movie theater sector, with its eyes on buying ArcLight Cinemas and Pacific Theatres.
These sites would help AMC purchase some prestige locations as well, including Los Angeles' historic Cinerama Dome.
AMC Entertainment CEO Adam Aron said in a statement, “Given our scale, experience, and commitment to innovation and excellence, AMC is being presented with highly attractive theatre acquisition opportunities... We are in discussions, for example, with multiple landlords of superb theatres formerly operated by ArcLight Cinemas and Pacific Theatres.”
While this consolidation of power may hurt the indie market since AMC is not known as a bastion of those voices, it keeps major studios away from buying theaters and making them run only their titles. And it allows some of the historic places to continue showing movies, as they have for a long time, instead of being bulldozed.
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