While the U.S domestic theatrical industry isn’t entirely out of the red yet, it’s certainly looking a whole lot more positive than we could have predicted even 6 months ago. AMC, as a key ‘meme stock’, has seen its price rise and rise over the 2021 period. With this solid sign of progress underway, it’s had even more gains- and some key knocks- this week alone. BLAKE & WANG P.A entertainment lawyer has all the information you need.
Stock volatility, but great gains
Of course, the stock volatility that comes with the nature of much of its market gains this year is something of a dual-edged sword. That’s why we’ve now seen the company itself- in a move so far unprecedented on the stock market- warn investors to proceed with caution on purchases. Then again, faced with a 2500% increase in stock price, we can’t quite blame them. Now notorious as the ‘reddit stock’ that was salvaged from plans to tank it entirely, sometimes there can be a little too much of a good thing and they seem keen to ensure investors know what they’re getting into.
AMC, now the No. 1 exhibitor domestically, has been surfing this wave of good spirit combined with theatrical recovery for a while now. The announcement that they intend to cash in 11.6 million shares, announced in an SEC filing, met with some market resistance, however, seeing share prices drop by a little over $10 each, or 20%. Sale proceeds are earmarked for ‘general’ use, including, “ repayment, refinancing, redemption or repurchase of existing indebtedness, acquisition of theatre assets, working capital or capital expenditures and other investments.” In other words, it will be put to rebuilding from the ground up some of the devastations the once near-bankrupt chain has faced recently.
A shared story like no other
Currently, AMC is floating around 3 million retail investors- roughly 80% of its shareholders overall. This after the never-before-seen mobilization of investors through a social media platform to prevent market tampering pulling it into a financial grave.
Earlier this week, we saw them sell off 8.5 million shares to Mudrick Capital, which traded them on almost immediately. This wasn’t all that well taken by the market, but they maintain it’s so they can grow the company. Against strong opening weekend for Cruella and A Quiet Place Part 2 over Memorial Day weekend, it’s tempting to see this as a full new leaf for the previously embattled chain.
Where will AMC go from here? It seems they’re deep into an attempt to not only ride the wave of public sentiment that extended them the olive branch they so needed but also to use it to solidify and restructure for a brighter future with a strong balance sheet. Alongside the overall recovery we’ve seen in the theatrical sector, it could well become a reality, too. As always, BLAKE & WANG P.A will have their finger on the pulse of changes, keeping you in the loop every step of the way.
Despite the overall encouraging moves being made around the world to reopen physical locations, lots, studios, and cinemas, it seems like 2020’s streaming revolution is here to stay.
BLAKE & WANG P.A, one of the top entertainment law firms Los Angeles as always, has the news you need.ViacomCBS move BET to the netThe shift is to be a fast one, too, with the channel launching online-only from April 8th.
Not at all, at least according to sources in the know.
In fact, we have Monde Twala, SVP of BET International, on record with the following:“We are committed to growing the BET brand in the UK, and to continuing to elevate Black love, joy, power, and pride worldwide,” Exciting programming newsAlongside the migration to fully digital, we’ve seen a host of interesting titles announced for the channel.
Expect to see:Black to the Future: While this is a working title only, the program will bring a comedy archive to lifeCelebrity Comfort Food: A cooking series focused on celeb-favorite dishesWe Do That: 3 famous hosts will meet talented Black workers and try out their career paths, with hilarious results.
While the move is powered by the overall online-only trend we’ve seen across a variety of content, it could be an interesting one for BET specifically.
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Oliver Berben, the deputy CEO of Constantin Film, the German powerhouse, certainly thinks so.
BLAKE & WANG P.A entertainment law firms los angeles takes a look at his advice, and how it could impact your pitches in the coming year.A Year in FluxThere’s not too much we can say for certain about 2021, with the aftershocks of the unprecedented last year still echoing through all levels of the industry and the ‘steaming wars’ ramping up to an unprecedented degree.
Yet Berben feels the exact opposite- that now is the ‘golden age’ for content production.He does have a point, that in a situation where everything is being questioned and all the ingrained patterns have been broken, there’s an opportunity waiting to shine for content that wouldn’t normally get its day in the sun.
Shifting over from a film focus to establish itself as a top European indie company, Constantin Films has had their share of successes.
They’ve even managed to score themselves an Amazon Prime Video most-watched title with LOL: Last One Laughing.So what is his advice for anyone looking to put out a series at the moment?
Their structure, with different brands and entities, means that they have the freedom to work with niche productions and find them the space they need.
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