“Change is always difficult for some to cope with.” “I do realize that some of our competitors are anxious about this change,” said Aron.
Cineworld, Regal’s parent company, called the pact the “wrong move at the wrong time,” and Cinemark expressed doubts about its viability. Publicly, AMC’s rivals have struck a different posture. “I expect that some of our competitors will do this, if not all.” “I’m expecting that this is going to become an industry standard,” said Aron. In return, AMC gets a cut of the revenue that Universal makes. Under the pact, Universal can rent its films for a 48-hour period for at least $20 a pop. And he was particularly eager to take a victory lap when it came to AMC’s recent deal with Universal, which will allow the studio to release movies in the home as early as 17 days after they open in theaters. He trumpeted the fact that AMC, which has been seen as bankruptcy risk, has renegotiated its debt and added cash to its balance sheet, while noting that the company had put stringent cleaning measures in place so it will be able to safely welcome guests back this month. “I think we’ve survived the corona crisis and now we’ve just got to get back to running the company really well,” Aron said of a public health catastrophe that has brought the theater business to its knees, while raising questions about AMC’s liquidity.Īron was in an expansive and magnanimous frame of mind during the hour-long question and answer session.
But Adam Aron, CEO of AMC Theatres, struck an optimistic note on a call with investors and analysts shortly after the world’s largest exhibition chain reported that it had lost more than half a billion dollars in its most recent financial quarter. are closed, major summer films have been pushed back indefinitely, and studios keep selling their movies to Netflix.
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