AMC Entertainment Could Run Out Of Cash, CEO Says After Court Ruling; Urges Stockholders “To Take Bankruptcy Risk Off The Table” Even As Shares Surge

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CEO Adam Aron has expounded on Twitter and most recently on AMC Entertainment’s latest earnings call about the risk of a cash crunch and even bankruptcy if it wasn’t able to secure financing in a still uncertain box office climate.

Giant theater chain AMC Entertainment has promoted Ellen Copaken to SVP Marketing, effective immediately. She was also appointed to sit on the company’s management executive committee.

Rebecca Rubin Film and Media Reporter AMC Theatres has promoted Ellen Copaken to lead its marketing department. As senior VP of marketing, effective immediately, she will report to AMC’s chairman and CEO Adam Aron and will join the company’s executive committee. She’s taking over for Eliot Hamlisch, who recently departed the company.

AMC Entertainment’s CEO Adam Aron warned that the chain risks financial peril if it can’t raise fresh cash as needed while exhibition continues its post-Covid recovery amid Hollywood strikes.

told the Los Angeles Times that attempts to arrange a meeting with Netflix — to demand that members be compensated with the same residual model as American members of SAG-AFTRA — have gone unanswered for months.“One of [Netflix’s] first priorities when entering the local market should be to establish some channel of communication with groups like us,” the country’s answer to Fran Drescher said.“But there’s no answer at all.”Residuals have recently been in the news as American actors and writers striking for fair compensation post their often insultingly meager checks, ranging from a single penny to a few dollars. As opposed to the royalties paid in broadcasting, residuals must be paid in perpetuity to actors in the United States, based on how many times their films and shows are streamed.

Top exhibitor AMC Entertainment rode the box office revival in the second quarter, beating Wall Street forecasts and returning to profitability.

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Todd Spangler NY Digital Editor Amazon CEO Andy Jassy enthused about the potential of generative AI technology to cut costs and create brand-new user experiences — saying every team in the company is working on multiple projects in the area, including in its entertainment business. On the tech giant’s second-quarter earnings call Thursday, Jassy said, “Inside Amazon, every one of our teams is working on building generative AI applications that reinvent and enhance their customers’ experience.” That includes multiple projects in its entertainment business, AWS, its advertising business and in Amazon’s devices business: “You can just imagine what we’re working on with respect to Alexa there.” Generative AI refers to a type of artificial-intelligence technology that can create new text, images, videos or synthetic data based on massive data sets.

Marcus Corp. CEO Greg Marcus insisted today that dual Hollywood strikes are nowhere near as threatening to exhibition as Covid was amid hand-wringing that a second massive hit to movie theaters is unfolding.

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Mattel CEO Ynon Kreiz said last weekend’s blockbuster release of Barbie – the toymaker’s first-ever major theatrical film – is a moment that “will be remembered as a key milestone in our company’s history.” His comments came amid second-quarter numbers in line with Wall Street forecasts.

Imax blew past Wall Street forecasts with sales up 32% at $98 million for the second quarter ended in June. Adjusted EPS was 26 cents a share – up 271%.

We knew Warner Bros’ Barbie and Universal’s Oppenheimer were going to be big, but not this big.

Angelique Jackson On July 13, as SAG-AFTRA leadership declared the union was going on strike, SAG-AFTRA Foundation president Courtney B. Vance and executive director Cyd Wilson drafted a letter to 2,700 of the union’s highest-earning actors outlining the financial need that many would face in the work stoppage. “Having been through this during COVID and having such a great response from our own membership to take care of their own, when the strike was decided, Courtney and I sat down with our team and said, ‘Here we go again,'” Wilson tells Variety. During the COVID-19 pandemic, the SAG-AFTRA Foundation (a non-profit organization associated with the union, but not part of it) worked to provide financial relief to many of the union’s 160,000 members via the foundation’s Emergency Financial Assistance Program, which will again be used to help actors during the strike.

AMC Entertainment set a new post-Covid record for global admissions revenue this past weekend with Barbie and Oppenheimer leading a charge that drew 7.8 million moviegoers to theaters.

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In a contorted legal case, a Delaware judge today struck down a settlement that would have helped AMC Entertainment move ahead with steps to raise cash and shore up its stock.

AMC Entertainment is dropping Sightline, a controversial variable pricing program for seating it announced earlier this year.

Andrew Wallenstein President and Chief Media Analyst Soul Machines is a fascinating venture that is marrying state-of-the-art animation with artificial intelligence to create something that just might be the next big thing in entertainment. The company has been around since 2016, having raised over $135 million from some of the leading venture capital funds in the world including Softbank. The vision Soul Machines is selling is the ability to enable consumers to interact one on one with a CGI simulation of their favorite celebrity powered by artificial intelligence. Listen to the podcast here: “Think about this way of, how we can democratize a fan experience where you can go to a website and you could have a face-to-face conversation with what we talk about as a digital twin,” said Greg Cross, CEO of Soul Machines, on the latest episode of the Variety podcast “Strictly Business.”