The AMC CEO expects to see a lot more movies released in 2023 than last year
AMC Entertainment Holdings Inc.’s path to recovery will be helped by an increase in movies released in theaters this year, according to CEO Adam Aron, who noted that 35% more movies will be released in 2023 than in 2022, as the movie-theater industry attempts to recover from COVID-19-related slowdown.
AMC’s AMC stock ended Friday’s session down 8.6%, compared with the S&P 500 Index’s SPX gain of 0.22%. The company’s stock has fallen 55.1% over the last 12 months, outpacing the S&P 500 Index’s decline of 7.4%. Aron also discussed his shareholding of the movie theater chain and its AMC Preferred Equity APE units Friday. Last month he tweeted that he is AMC’s largest retail shareholder.
AMC has been on a roller-coaster ride over the past two years that has taken it from beleaguered pandemic victim to meme-stock phenomenon. The company used the steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021.
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