AMC Entertainment Holdings, Inc. Announces Receipt of Approximately $203 Million of Proceeds
Jul. 06, 2018
LEAWOOD, Kan.--(BUSINESS WIRE)--Jul 6, 2018--AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”) announced today it has received approximately $203 million in proceeds related to two recently completed transactions to monetize non-strategic assets.
Effective July 5, 2018, AMC completed the transaction to sell the entirety of its remaining equity interest in National CineMedia, LLC. (“NCM”), having sold all its 21,477,480 NCM common units under previously announced terms and received $156.8 million in cash.
Effective July 2, 2018, Abry Partners completed its transaction to acquire a controlling stake in Screenvision Media. AMC retains a minority interest in Screenvision, and as a part of the transaction received approximately $45.8 million of cash proceeds.
As has been the case heretofore, AMC intends to use the sale proceeds to pursue the four primary goals of its capital allocation strategies: (a) deleveraging, (b) returning cash to shareholders through share buybacks and dividends, (c) increasing its footprint by adding new theatres in the U.S., Europe and the Middle East and (d) achieving high investment returns through renovation of theatres with recliner seats, enhanced food and beverage options and an increased commitment to premium large format screens.
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the U.S., in Europe and throughout the world with more than 1,000 theatres and 11,000 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty program, web site and smartphone apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. AMC operates among the most productive theatres in the United States' top markets, having the #1 or #2 market share positions in 22 of the 25 largest metropolitan areas of the United States, including the top three markets (NY, LA, Chicago). Through its Odeon subsidiary AMC operates in 14 European countries and is the #1 theatre chain in Estonia, Finland, Italy, Latvia, Lithuania, Norway, Spain, Sweden and UK & Ireland. In a joint partnership with The Development and Investment Entertainment Company, a subsidiary of The Public Investment Fund of Saudi Arabia, AMC also operates AMC Cinemas in the Kingdom of Saudi Arabia. For more information, visit www.amctheatres.com.
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CONTACT: AMC Entertainment Holdings, Inc.
John Merriwether, 866-248-3872
Ryan Noonan, 913-213-2183
KEYWORD: UNITED STATES NORTH AMERICA KANSAS
INDUSTRY KEYWORD: ENTERTAINMENT OTHER ENTERTAINMENT FILM & MOTION PICTURES PROFESSIONAL SERVICES FINANCE
SOURCE: AMC Entertainment Holdings, Inc.
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PUB: 07/06/2018 12:03 PM/DISC: 07/06/2018 12:02 PM