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The Street
The Street
By Michael Tedder The beleaguered movie chain is taking a buyout. AMC Theaters (AMC) – Get Free Report has announced that it will no longer be managing its locations in Saudi Arabia. Instead, the company has taken a $30 million buyout, which is equal to its initial investment, from Saudi Entertainment Ventures. Moving forward, AMC will now license its 13 locations in the area, and the associated brand and IP to Saudi Cinema Company. In 2018, the Saudi Arabian government lifted a 35-year ban on commercial theaters, starting with a screening of “The Emoji Movie.” The government at the time also …
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