AMC Entertainment Holdings (NYSE:AMC) is expanding its Northeast presence through the acquisition of seven theaters from the Bow Tie Cinemas chain. The financial terms of the transaction were not disclosed.
What Happened: AMC will now own and operate five Bow Tie venues in Connecticut, one in Saratoga Springs, New York, and one in Annapolis, Maryland. The acquisition brings a combined total of 66 new screens under the AMC banner.
Bow Tie traces its roots back to 1900 with a series of nickelodeons. The company, which is now in its fourth generation of family ownership, will continue to operate six theaters in five states.
See Also: Comedian Gilbert Gottfried Dies At 67
Why It's Important: This is the latest expansion for AMC, which signed lease agreements last December for the former Pacific and Arclight Cinemas in the Chicago and Los Angeles markets.
“Our theater acquisition strategy makes AMC a better and stronger company as we move forward on our glidepath to recovery,” said AMC CEO Adam Aron. “Acquiring these locations is especially notable for our expansion in Connecticut, where we are more than doubling our presence. We are encouraged to bring the magic of AMC to more and more theatres across the country, given our mid-2021 acquisitions of AMC The Grove 14 and AMC Americana at Brand 18, both in the Los Angeles market, continue to rank among the 30 highest grossing movie theatres in the entire United States since joining up with AMC.”
AMC Price Action: AMC opened for trading on Wednesday at $17.42 according to Benzinga Pro; its 52-week range is $8.90 to $72.62.
Photo: Valerie Reneé / Flickr Creative Commons
