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AMC Entertainment Holdings Inc AMC shares are surging Tuesday afternoon following a report that Amazon.com Inc AMZN is considering a buyout of the theater chain.
What To Know: According to an Intersect report, Amazon founder and former CEO Jeff Bezos has told his investment advisors to look into a potential acquisition of AMC.
The report indicates that the e-commerce giant is looking into the possibility of using AMC’s theaters as “marketing weigh stations,” which would include promoting Prime movies and other Amazon services.
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AMC CEO Adam Aron reportedly told Intersect that the company does not reply to rumors and speculation, but didn’t comment further.
It’s important to note that the story was sourced anonymously. The article cites “multiple senior sources familiar with the discussions.”
Benzinga has reached out to both AMC and Amazon for comment, but has not received a response. This story is breaking and will be updated if either company responds.
AMC Price Action: AMC shares jumped Tuesday afternoon on the heels of the report.
The stock was up 16.7% at $5.31 at the time of writing, according to Benzinga Pro.
Photo: funnytools from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.