Shares of the film industry giant AMC Entertainment rose 31% before the start of trading on the New York Stock Exchange, after the Daily Mail wrote that the Amazon is interested in a potential takeover of AMC.
According to Market Watch, Amazon has expressed interest in taking over the cinema chain, being in talks with AMC, the parent company of Odeon Cinemas. It is unclear whether negotiations are ongoing or whether the two sides have reached an agreement.
AMC’s market capitalization was $427.4 million at the close on Friday, with the company down 43 percent on the stock market since the beginning of the year, as restrictions imposed to limit the spread of the virus affected the film industry.
At the same time, Amazon shares rose 28.8% since the beginning of the year, while the S&P 500 index declined 9.3%.
Angela Page is a tech reporter for Pop Lexikon. Angela has previously worked for TechCrunch, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Angela studied at Anthem Institute in Las Vegas.