AMC Entertainment announces $100 million share repurchase

Cinemas News

AMC Entertainment Holdings, Inc. announced that its board of directors has approved the repurchase of up to $100 million of the company's Class A common stock over a two-year period.

“AMC's board of directors and senior management strongly believe that AMC’s future prospects are bright and that our company is well positioned to drive revenue and earnings growth over the years ahead,” said AMC chief executive officer and president Adam Aron. “We do not believe, however, that the current AMC share price properly reflects those future prospects and therefore presents a compelling investment opportunity for the company. The $100 million stock repurchase program authorized by our board demonstrates our confidence in the underlying strength of AMC's businesses and reflects our commitment to delivering shareholder value.”

Aron added, "In addition, I also plan individually to buy AMC stock in the open market with personal monies within the next 60 days. Of course, I will do so under the advice of counsel and in proper coordination with any purchases by the company under the stock buy-back allocation we announced today.”