AMC Entertainment saw revenue plunge to $18.9 billion in its second quarter
saw revenue plunge to $18.9 billion for the second quarter ended from in June from $1.5 billion the year before as it swung to the red, no surprise for the nation’s – and world’s — largest theater chain, that saw most locations shuttered completely for the entire three months.
The quarterly financials of one of the buzziest company in media come as it just discombobulated the global exhibition business with itsdeal. And, amid ongoing speculation of possible bankruptcy, it announced a complex debt restructuring that took months to complete and happened over the protests of a heavy-hitting group of bondholders.
calls over the past week talk about pent up demand for out-of-home viewing, the need to respect windows and saving product until theaters open. But as the pandemic surges and the longer it goes on the more like the Wild West things become. Wall Streeters who follow exhibition are even cautiously upbeat on the AMC-Universal deal in some cases, like Eric Wold of B. Riley FBR, who said it not only provides an opportunity to move underperforming films out of theaters , but creates a new way for the exhibitor to share in the economics of the film as it moves to the next distribution window.
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