A report from The Intersect, a Substack blog by Hollywood reporter Joe Bel Bruno, suggests that Amazon is considering purchasing AMC Theaters.
Jeff Bezos, the founder of Amazon, has sent his investment advisors and top entertainment executives to investigate acquisition plans for struggling theater chain AMC Entertainment, as reported by various senior sources who are knowledgeable about the discussions.
Related: Amazon Rumored To Buy AMC Theaters
AMC currently has roughly 600 theaters around the world though the company has struggled after becoming a so-called meme stock in recent years. AMC’s stock was trading at roughly $34 per share a year ago but was trading at $4.50 this morning.
Amazon is considering purchasing the theater chain, however, The Intersect noted that no action has been taken and it is uncertain if the retail giant will make an offer.
The pandemic has caused a decline in movie theater attendance for chains like AMC, as people have more entertainment options available through streaming.