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The commercially successful ‘Eras’ tourThe Eras tour was massively successful in 2023 and it’ll stretch through the end of this year. John Shearer/TAS23/Getty Images Swift performs in Glendale, Arizona, during the opening weekend of "The Eras Tour" in March 2023. John Shearer/TAS23/Getty Images Swift performs during the "Evermore" section of the show in Sydney in February 2024. John Shearer/TAS23/Getty Images Fans apply jewels on their way to Swift's show in Foxborough, Massachusetts, in May 2023. John Shearer/TAS23/Getty Images In pictures: Taylor Swift's 'Eras Tour' Prev NextShe is a generous boss, too, awarding $100,000 bonuses to Eras Tour truck drivers during the summer.
Persons: Washington CNN — Taylor Swift, Swift, It’ll, ” Armen Shaomian, StubHub, , “ Taylor Swift, hasn’t, SeatGeek, Taylor Swift, Kevin Mazur, Natasha, Ethan Miller, John Shearer, Kevin Winter, Benjamin B, Braun, Jutharat, Phoebe Bridgers, Bridgers, Raymond James, Zack Wittman, Hector Vivas, Don Arnold, TAS24, Rachel Wisniewski, Terence Rushin, Haim, Jeff Kravitz, Erin Clark, Sarah Yenesel, Sabrina Carpenter, Bob Levey, TAS23, Christopher Polk, Allen J, Taylor, , that’s, That’s, doesn’t, Barack Obama, Angela Merkel, Pope Francis, ” Swift Organizations: Washington CNN, Poets Department, Fortune, University of South, CNN, Swift City, Pittsburgh, MetLife Stadium, New York Times, Lincoln Financial, Washington Post, Ticketmaster, Boston Globe, Penske Media, Los Angeles Times, Federal Reserve, ” AMC Locations: University of South Carolina, North America, East Rutherford , New Jersey, Chicago, Las Vegas, Nashville , Tennessee, Glendale , Arizona, Glendale, Swift, Los Angeles, Pittsburgh, East Rutherford, Nashville, Tampa , Florida, Mexico City, Kansas City , Missouri, Sydney, Philadelphia, Atlanta, Santa Clara , California, Foxborough , Massachusetts, Coney, Houston, Inglewood , California, Cincinnati, United States, Canada, AMC’s
AMC Entertainment, often viewed as a bellwether for the industry as the world’s largest movie theater chain, is not immune to those challenges. Taylor Swift attends "Taylor Swift: The Eras Tour" Concert Movie World Premiere at AMC The Grove 14 on October 11, 2023 in Los Angeles, California. While box office revenues have not yet recovered to pre-pandemic levels, until this year, they had been on an upward trajectory. Wold lowered his projection for the domestic box office to $8.6 billion, down from $8.9 billion earned in 2023. Upping the showmanshipDespite the box office slowdown this year, AMC found itself at the center of yet another viral moment earlier this month.
Persons: “ Barbie ”, “ Oppenheimer, , , It’s, “ Barbenheimer, Taylor, Taylor Swift, Matt Winkelmeyer, Adam Aron, ” Aron, , Paul Dergarabedian, Eric Wold, Riley, Wold, Barbie, Iris Schneider, Dergarabedian, “ There’s, Deadpool, Barbie ”, Alicia Reese, Michael O’Leary Organizations: CNN, AMC Entertainment, AMC, Hollywood, ZUMA, Warner Bros, Dodge, Wedbush, Dolby, National Association of Theatre Owners Locations: Los Angeles , California
So while the this fall harvest is surely welcome, as is so often true, a Swift solution isn’t likely to be an enduring one. Advance sales for “The Eras Tour” left little doubt that the event would be a major success, leaving only the precise numbers in doubt. In that sense, the next blonde hero flying to the rescue might be more important: Brie Larson, a.k.a. Captain Marvel, whose sequel “The Marvels” hits theaters on November 10. Still, there aren’t many artists with the kind of followings that Swift and Beyoncé command.
Persons: Taylor Swift’s, “ Taylor Swift, “ Barbie ”, , Barbie ”, “ Oppenheimer, Swift, , Brie Larson, a.k.a, Captain Marvel, underwhelming, “ Indiana Jones, “ Barbie Organizations: CNN, Hollywood, , Marvel, Guardians, Galaxy Locations: North America
In its opening weekend, the pop singer’s concert film, “Taylor Swift: The Eras Tour,” raked in between $95 and $97 million in the box office in the United States and Canada, movie theater chain AMC said Sunday. “I thought I had seen everything with the Barbenheimer phenomenon,” said Paul Dergarabedian, senior media analyst at Comscore, which tracks box office numbers. Teenagers trade bracelets while waiting for the beginning of Taylor Swift's Eras Tour concert movie in a cinema in Mexico City, Mexico October 13, 2023. Discovery, and “Oppenheimer.” Together, the two hits brought in nearly $2.4 billion in global box office sales this year, according to tracking site Box Office Mojo. Barbenheimer and Swift’s concert film “puts movie theaters at the epicenter of the culture as the hub of cultural influence,” said Dergarabedian.
Persons: New York CNN — Taylor Swift, “ Taylor Swift, , “ Justin Bieber, ” Elizabeth Frank, Taylor Swift, Chris Day, Swift, Swiftie Clara, seismologist, Sam Wrench, Taylor, Paul Dergarabedian, ” Swift, Alexandre Meneghini, Beyoncé, “ Barbie, “ Oppenheimer, Michael O’Leary, Organizations: New, New York CNN, AMC, USA, Ticketmaster, ” AMC, it’s, Twitter, Warner Bros, National Association of Theater Owners, CNN Locations: New York, United States, Canada, Memphis, Tenn, Santa Clara, Northern California, Seattle, Los Angeles, AMC’s, Mexico City, Mexico, The
AMC CEO says he was the victim of an extortion plot
  + stars: | 2023-10-12 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +1 min
New York CNN —Adam Aron, the CEO of AMC Entertainment, admitted Thursday that he was a “victim of an elaborate criminal extortion” plot. On X, Aron continued that following a “vigorous federal criminal investigation,” the perpetrator was convicted this past summer. He also said that the incident was “entirely a personal matter” and that he informed the AMC’s board of directors, as well as reviewed the events with an independent outside counsel. Aron said that the “matter is closed,” and he remains the CEO of AMC. AMC’s board of directors said in a statement to CNN that it had “determined it was a personal matter, and considers the issue resolved.”
Persons: New York CNN — Adam Aron, , Aron, Semafor, of New York, Sakoya Blackwood, wasn’t, Thursday’s, Blackwood, Organizations: New, New York CNN, AMC Entertainment, US, Office, Southern, of, CNN, AMC Locations: New York, of New
Shares of AMC (AMC) surged 11.5% in Friday afternoon trading after the movie theater chain announced that “Taylor Swift: The Eras Tour” concert film had grossed over $100 million in advance ticket sales. “Taylor Swift: The Eras Tour,” already the most profitable concert film in history, opens on Friday, October 13. “Taylor Swift: The Eras Tour” also broke an AMC record for advance first-day ticket sales at $26 million. AMC Theaters Distribution, along with sub-distribution partners Variance Films, Trafalgar Releasing, Cinepolis and Cineplex, have reached deals with operators to show the film in over 8,500 theaters across 100 countries. The company said in a news release that ticket sales for the Eras Tour film were “setting domestic presale records.”For AMC, the rebound has come after sharp declines over two years.
Persons: Taylor, “ Taylor Swift, , Swift, AMC’s, Beyonce ” Organizations: CNN, AMC Entertainment, AMC, ” AMC, North, Trafalgar, Cinemark Holdings Locations: United States
On average, August has been the worst performing month for stocks since 1986, according to Morningstar. That means the dwindling number of traders who remain must take extra care in a such a potentially volatile environment. 99-year-old trucking company Yellow shuts downYellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers, reports my colleague Chris Isidore. He said the company began taking on significant amount of debt 20 years ago in order to acquire other trucking companies. “Now their debt service is just enormous,” he said, pointing to $1.5 billion in debt on its books.
Persons: Morningstar, It’s, it’s, , Michael Landsberg, Landsberg, , ” Jackson, Jerome Powell, Barbie, Barbie ”, “ Oppenheimer, Eva Rothenberg, “ Barbenheimer ”, “ Barbie, Chris Isidore, Satish Jindel, Tom Nightingale, Read Organizations: CNN Business, Bell, New York CNN, Nasdaq, Apple, Landsberg Bennett, Wealth Management, Federal Reserve Bank of Kansas, Fed, Dow, AMC, Oppenheimer AMC Theaters, CNN, Warner Bros, Corp, Teamsters, AFS Logistics, Locations: New York, Jackson Hole , Wyoming, Washington, Nashville , Tennessee
CNN —AMC Theaters (AMC) hit a revenue record last week, driven by the overwhelming success of the “Barbenheimer” pop culture craze. AMC attributed this 103-year high to the incredible opening weekend of both “Barbie” and “Oppenheimer,” as well as the strong momentum that continued to carry them along. “Barbenheimer” had tremendous staying power in its second weekend in theaters, with “Barbie” grossing $93 million and “Oppenheimer” almost $47 million, according to official studio numbers. It reported that 65 AMC locations across 19 states and Washington, DC, set their own box office records this week as well. In its opening weekend, Greta Gerwig’s “Barbie” had raked in a stunning $162 million domestically in its first weekend, giving the film the biggest opening weekend of 2023 and the largest-ever debut for a female director.
Persons: Barbie ”, “ Oppenheimer, , Barbenheimer ”, “ Barbie, Greta Gerwig’s “ Barbie ”, “ Oppenheimer ”, Barbie, Ramishah Maruf Organizations: CNN, AMC, Warner Bros Locations: Washington
NEW YORK, July 28 (Reuters) - Shares of AMC Entertainment Holdings Inc (AMC.N) have been hit by a wave of bearish options bets amid uncertainty over the company's stock conversion plan. While the common shares finished Thursday at $4.52, the APE preferred shares ended the session at $1.86. The move sent AMC’s shares higher, disappointing bearish traders who expected news of a conversion to tank the price. Still, options traders appear to be powering on with their bearish wagers, in effect betting the conversion will eventually go through. On Thursday, AMC shares finished down 10%, while APE shares rose 6%.
Persons: Steve Sosnick, Brent Kochuba, Garrett DeSimone, Saqib Iqbal Ahmed, Ira Iosebashvili, Diane Craft Organizations: YORK, AMC Entertainment Holdings Inc, AMC, Trade, Reuters, New York Stock Exchange, Interactive Brokers, Thomson Locations: Ortex, OptionMetrics
AMC can build Dreamhouse on Barbenheimer buzz
  + stars: | 2023-07-24 | by ( Anita Ramaswamy | ) www.reuters.com   time to read: +3 min
AMC Entertainment (AMC.N), the struggling movie theater chain wrestling with a meme-stock hangover, saw its busiest day since 2019 this past Saturday. The company needs cash to survive, and this weekend might add enough fantasy to help it. AMC has refiled to try again, and in some ways, Barbenheimer helps. The biggest risk to the movie theater business was that it would never return to pre-pandemic levels. AMC Entertainment, one of the U.S.’s largest theater chains, recorded over 7 million moviegoers in attendance over that weekend.
Persons: Barbie, “ Oppenheimer ”, Adam Aron, Aron, , “ Barbie ”, “ Oppenheimer, , Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Warner Bros, Comcast, Universal Pictures, AMC Entertainment, Monday, AMC, Malibu, Thomson Locations: Barbenheimer, Delaware
Judge denies approval of AMC shareholder settlement
  + stars: | 2023-07-21 | by ( ) edition.cnn.com   time to read: +1 min
A judge on Friday blocked a proposed settlement on AMC Entertainment Holdings’ stock conversion plan that would allow the company to issue more shares, sending its common shares soaring and preferred shares down in after-hours trading. AMC shares were up 69% at $7.44 in trading after the bell. Its preferred shares were down 20% at $1.43. The company was sued in February for allegedly rigging a shareholder vote that would allow AMC to convert preferred stock to common stock and issue hundreds of millions of new shares. The conversion would dilute the common stockholders’ ownership, but allow AMC to pay down some of its $5.1 billion in debt.
Persons: Chancellor Morgan Zurn, Zurn, , Organizations: AMC Entertainment Holdings, Delaware, AMC
Thailand’s political drama raises the stakes
  + stars: | 2023-07-20 | by ( ) www.reuters.com   time to read: +2 min
SINGAPORE, July 20 (Reuters Breakingviews) - Investors in Thailand are long used to twists and turns in the country’s politics but a court’s move on Wednesday to suspend the leader of the election-winning Move Forward Party as a lawmaker has raised the stakes. Pita Limjaroenrat's supporters are protesting as it’s now unlikely that the liberal and would-be aggressive reformer of the underperforming $500 billion economy will become the prime minister. It’s not a good outcome, however. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Pita Limjaroenrat's, Pita, It’s, It's, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Investors, Party, SETI, Gulf Energy, Asian Development Bank, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: SINGAPORE, Thailand, Asia
Ambani’s finance unit gets credit before it’s due
  + stars: | 2023-07-20 | by ( ) www.reuters.com   time to read: +2 min
MUMBAI, July 20 (Reuters Breakingviews) - Mukesh Ambani’s capacity to disrupt India’s $2 trillion small loans market is fully priced in. It’s a big endorsement, considering the lending company starts with a tiny $244 million loan portfolio as of March 2022. Ambani will have his task cut out to deliver on expectations, despite a reputation for upending industries from telecoms to retail. The $155 billion HDFC Bank (HDBK.NS), freshly merged with its mortgage financier parent, will chase the latter’s customers with renewed vigour. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Mukesh, Ambani, It’s, Jio, Shritama Bose, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, Bajaj Finance, HDFC Bank, Twitter, Xavier Niel’s GAM, Thomson Locations: MUMBAI
European earnings add weight to economic bear case
  + stars: | 2023-07-20 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 20 (Reuters Breakingviews) - It’s only early in the financial-reporting season for European companies. But macro bears will already be able to find all the doom and gloom they could ever want. But pricey recipe kits and premium toilet paper are relatively easy ways for pinched consumers to save money. Before the results, all three companies were priced at a premium to the STOXX Europe 600 Index (.STOXX) using 12-month forward price to earnings multiples, suggesting possible shareholder complacency. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: napping, Liam Proud, whir, Neil Unmack, Oliver Taslic Organizations: Reuters, Twitter, Thomson Locations: Europe
It’s the “Barbenheimer” double feature, and it started its life, as most phenomena do, as a meme. He says he’s seeing “Oppenheimer” first, on its opening Friday, and then “Barbie” “right after” so he gets to experience both with packed houses. Neither “Barbie” nor “Oppenheimer” seem like they’ll be boring, so ahead of both films, use the restroom. Use it again between “Oppenheimer” and “Barbie.” Gerwig’s film is also the more ICEE-friendly film, so re-up on snacks and such in between. 10:50 a.m.: Arrive 10 minutes early for “Oppenheimer,” get an extra-large popcorn and prepare for cinematic annihilation.
Persons: Greta Gerwig’s, Barbie ”, Christopher Nolan’s “, Oppenheimer, , Margot Robbie’s Barbie, It’s, “ Barbie ”, , “ Oppenheimer, “ Barbie, Ken, Nicole Kidman’s, Nolan, you’ll, ‘ Oppenheimer, Cillian Murphy, ” can’t, Tom Cruise, Emma Mackey, Simu Liu, Margot Robbie, Ryan Gosling, , it’s, you’ve, you’re, celebs, Christopher Nolan, Wes Anderson’s, Florence Pugh, Barbie Organizations: CNN, Warner Bros, Discovery, AMC, Pictures, Universal Locations: cliffhangers, , New Mexico
Netflix’s cash gun starts to whir
  + stars: | 2023-07-19 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, July 19 (Reuters Breakingviews) - Netflix (NFLX.O) is putting out some programming worthy of more eyeballs. But its forecast on free cash flow – once a horror flick– shows that the business is only getting stronger. The revenue outlook for the third quarter of $8.5 billion is below analysts’ estimates of $8.7 billion, according to Refinitiv. Netflix raised its outlook for free cash flow this year to at least $5 billion from approximately $3.5 billion. At a time when high interest rates make greenbacks more expensive, and competitors Walt Disney (DIS.N) and Warner Bros Discovery (WBD.O) are squirming, Netflix’s cash story is one to watch.
Persons: Reed Hastings, Walt Disney, Jennifer Saba, Gucci, Xavier Niel’s, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Netflix, Hollywood, Warner Bros Discovery, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson
Next Gucci CEO may have toughest job in luxury
  + stars: | 2023-07-19 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic
Meme investors could spoil AMC’s next act
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +2 min
AMC is already fighting another lawsuit over its attempt to convert preferred stock into common shares, a novel scheme to avoid getting investors’ approval for share sales. It fits with other forays since AMC became a retail-favorite meme stock – like buying into a gold miner – that seem to disregard conventional governance niceties. Attracting a rush of retail traders means there are plenty of investors to call foul. If their push against the preferred stock gambit succeeds, AMC could struggle to raise new funds, which bodes poorly for repaying its $5 billion in debt. It turns out that, for a meme stock’s final act, the audience starts throwing tomatoes.
Persons: Adam Aron, Kevin Barnes, Barnes ’, Anita Ramaswamy, Xavier Niel’s, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, AMC, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson
His death was announced by his daughter Susan Meyers. In 1970, as a senior manufacturing executive, Mr. Meyers was tasked with evaluating a possible acquisition of Kaiser Jeep. But the board proceeded anyway — and put Mr. Meyers in charge. To appeal to more consumers, he upgraded existing Jeeps with better engines, suspensions and interiors, and directed the development of a new wagon, the Jeep Cherokee. Sales soon surged, steadying AMC’s shaky finances and driving consumer interest in roomy off-road vehicles.
Persons: Gerald C, Meyers, Susan Meyers, Kaiser Jeep, steadying Organizations: American Motors Corporation, American Motors, Ford Motor, Chrysler, AMC, General Motors, Kaiser, Jeep Locations: West Bloomfield, Mich, United States, roomy
New York CNN —AMC Theaters is changing the way it charges for seats. The ticket pricing initiative, called Sightline at AMC, will roll out at all of its roughly 1,000 movie theaters by the end of the year. AMC said a seating map will show the adjusted prices and Sightline will only be used on showings after 4 pm. Live theater, such as Broadway, has long been using a similar method of pricing for seats (although front-row there can fetch top price). Movie theaters outside the United States also have similar location pricing standards that remain uncommon for American movie theaters.
AMC’s exit from Saudi Arabia illustrates how the kingdom remains a difficult place for international companies to operate. AMC Entertainment Holdings Inc. will exit its equity partnership in Saudi Arabia, the cinema giant said Tuesday, leaving a market that was once considered the world’s final frontier for cinema but proved hard to dominate. A subsidiary of the Saudi sovereign-wealth fund will acquire AMC’s equity stake in their joint venture, giving it 100% ownership, according to a joint statement from the subsidiary, Saudi Entertainment Ventures, and the American movie-theater chain. The Saudi firm will take over AMC’s operation in the kingdom and franchise it.
Teen actor Tyler Sanders, best known for his starring role on “Just Add Magic: Mystery City” and guest appearances on “9-1-1: Lone Star” and “Fear the Walking Dead,” died in June from “fentanyl effects,” according to his autopsy. The report said 911 was called and paramedics responded to the apartment where Sanders was pronounced dead. “Drug paraphernalia was identified on scene.”Toxicology tests later determined Sanders had the potent drug in his system, the autopsy said. Sanders’ death was determined to be an accident, according to the autopsy. Sanders’ agent, Pedro Tapia, confirmed the actor’s death in June in a statement: “Tyler was a talented actor with a bright future.
AMC Entertainment Holdings Inc. held discussions regarding a potential strategic acquisition of theaters from its rival, the bankrupt Cineworld Group PLC, according to a securities filing by AMC on Wednesday. AMC’s deal talks were held with certain lenders to Cineworld, who have a powerful role in that company’s bankruptcy process. The talks focused on AMC acquiring theater assets of Cineworld in the U.S. and Europe, and how such a deal would be financed.
Editor’s Note: The following contains spoilers about “The Walking Dead” series finale, “Rest in Peace,” which premiered November 20. CNN —Forgive AMC, at least a little bit, for almost drunkenly celebrating “The Walking Dead” in its heyday by feeding audiences as much content related to the zombie drama as they possibly could. In its early seasons, “The Walking Dead” excelled in part because of its unpredictability, as the montage of characters who had died reminded the audience. Those plans later morphed into a limited series, but the sense that “The Walking Dead” was no longer the priority in AMC’s “Dead” universe had been pretty well cemented. Television is always hungry for another hit, and at its height “The Walking Dead” was the TV equivalent of a supernova.
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