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What To Know About The Conflicting AMC Entertainment-AMC Networks Rumors

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What To Know About The Conflicting AMC Entertainment-AMC Networks Rumors

Editor's note: This story has been updated to reflect responses from AMC Networks, The Mail and Amazon to Benzinga's requests for comment. 

It's been a tale of two AMCs this week, creating a lot of volatility in the entertainment stocks.

The AMC-Amazon Report 

On Sunday, The Mail reported that Amazon.com (NASDAQ: AMZN) is considering buying the movie theater chain AMC Entertainment Holdings Inc (NYSE: AMC), citing unnamed sources. In the U.K., AMC owns the Odeon Cinemas chain. 

AMC Entertainment shares gained 28.9% Monday. 

Since then, reports have emerged that there might have been confusion around the AMC in which Amazon is interested. In an email, the Mail told Benzinga "there was no mix-up." 

The interest might have been in the cable operator AMC Networks (NASDAQ: AMCX), not AMC Entertainment. Merger analysis firm CTFN has reported the AMC Networks operator is looking for a buyer. The company owns the AMC network, as well as the Sundance Now streaming channel, the IFC Center movie theater and other entertainment holdings. 

It's possible there was a mixup of ticker symbols, according to Deadline: AMC instead of AMCX. 

An AMC Networks spokeswoman told Benzinga that the company does not comment on rumor or speculation. 

On Monday, an Amazon spokesperson told Benzinga that the company does not comment on speculation. 

Benzinga has reached out to AMC Entertainment for comment on this story.

AMC, AMCX Price Action

AMC Entertainment shares were down 10.55% at $4.58 at the time of publication Wednesday, while AMC Networks shares were down 10.76% at $25.29. 

Related Links:

AMC's Stock Still In The Spotlight As Wall Street Digests Amazon Rumor

How The COVID-19 Pandemic Makes Amazon, Netflix Key Businesses

Photo by Ajay Suresh via Wikimedia

 

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