AMC-Groupon Partnership Sends Both Stocks Up
Shares in China-owned AMC closed up more than 4 percent Monday, at $14.22 per share.
The announcement of a distribution partnership from AMC Entertainment Holdings Inc. (NYSE: AMC) and Groupon Inc. (Nasdaq: GRPN) sent the shares in the two companies flying 4 percent and 2 percent, respectively, on Monday.
Groupon said in a statement today that the users of its discounter marketplace will get "greater access" to movies with AMC, the movie theater giant owned by Beijing-based Wanda Group. The integration is scheduled to launch in the first quarter of 2019, though the details of the deal have not been announced.
"This integration furthers our mission of becoming the daily habit in local by connecting people with more entertainment choices in their community. Going to the movies is the quintessential local experience," Groupon's Brian Fields, head of Things To Do, said in the report.
AMC's stock jumped to $14.22 per American depositary share, up 57 cents.
Shares in AMC closed up more than 4 percent Monday, at $14.22 per ADS.
(Source: Thomson Reuters Eikon)
Groupon, which saw its shares rise 5 cents to $3.12 apiece intraday, also noted that the two companies will continue to explore long-term opportunities.
Founded in 1920, AMC is an American movie theater chain owned and operated by China's Dalian Wanda Group Co. Ltd. After acquiring Odeon Cinemas, UCI Cinemas, and Carmike Cinemas in 2016, it has become the largest movie theater chain in the world with 244 theaters in Europe, over 661 theaters in the United States, and 86 locations in mainland China.