Reports Are Swirling Around Amazon’s Plan To Buy AMC Theatres

Amazon CEO Jeff Bezos
Photo credit: Bisnow/Jon Banister
Amazon Ceo Jeff Bezos

Amazon is reportedly considering buying the largest movie theater chain in the United States, as the e-commerce behemoth goes from strength to strength amid the coronavirus pandemic.

The Jeff Bezos-led firm and AMC Theatres have been in talks about a potential buyout, the Daily Mail reports. Neither party confirmed the possible deal, and Deadline Hollywood reported that no discussions had taken place at all.

Still, shares in AMC Theatres soared as a result of the press, jumping 47% in active premarket trading Monday, per MarketWatch.

The movie theater industry has been hit hard by the pandemic, with stringent stay-at-home orders making it illegal for most theaters to operate. More than 634 AMC locations in the U.S. and Canada have closed, thousands of its employees have been furloughed and the company is reportedly on the brink of a Chapter 11 filing.

Amazon, which has seen a massive spike in demand as shoppers are forced to withdraw from brick-and-mortar buying, looked at buying Landmark Theatres back in 2018 but was beaten by Cohen Media Group, per the Daily Mail. The purchase of AMC would give Amazon access to 10,000 screens globally.

Amazon, which makes content through a subsidiary, Amazon Studios, is just one of the major players in the so-called content streaming wars, which were already beginning to reshape commercial real estate.

Increasingly, streaming services have wanted to build and control their own production space and creative hubs for their talent, making that kind of real estate more valuable, as Bisnow has previously reported. If Amazon is able to acquire AMC, it would be another piece of the retail market — after books, apparel, technology and groceries — the Seattle-based tech giant has a large presence in.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI

America's War Machine Is Growing, Sparking A Defense Real Estate Boom

Boca Raton's New Leaders Throwing 'All Kinds Of Curveballs' At Developers

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner