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HomeBusinessAMC stock surges on Amazon acquisition rumors

AMC stock surges on Amazon acquisition rumors

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After a rumor that the world’s largest online retailer, Amazon.com (NASDAQ: AMZN), was interested in purchasing the theater chain, shares of AMC Entertainment stock (NYSE:AMC) surged more than 18% on Tuesday, on track for their biggest increase in a month.

Jeff Bezos, the founder of Amazon, has sent his top entertainment executives and finance advisors to investigate possible acquisition plans for AMC.

AMC has a market worth of roughly $2.4 billion after its shares have increased by about 11% year to date as of Monday’s close. The movie chain has been suffering from low attendance rates as people are streaming content at home.

During the height of the Reddit-driven boom in June 2021, AMC was a well-known “meme” stock with a valuation of more than $23 billion.

The many cinemas owned by AMC would be put to a variety of uses, such as pushing Amazon Prime’s original films for award consideration, cross-selling grocery delivery, and even acting as centers for product distribution.

After Tuesday’s increase, AMC Entertainment stock (NYSE:AMC) market value was $2.6 billion; yet, over the past year, the stock has dropped by almost 72%. According to the article, Bezos might choose to do nothing in the event that the stock price keeps falling or he might act quickly in the event of bankruptcy.

Groupon Shares Attractive After 15 percent Drop Post Q4

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