AMC Buying $27.9M Stake in Mining

Cinema giant AMC Theatres said Tuesday it was buying a 22 percent stake in gold and silver mining company Hycroft Mining Holding Corp., including its 71,000 acre Hycroft Mine in northern Nevada, for $27. 9 million in cash.
Management described the unusual move by the cinema giant, which has made a name for itself as a meme stock, as an opportunistic one and the latest example for how AMC looks to create value by thinking outside the box (and outside the box office).

“The strength of Spider-Man: No Way Home and The Batman, as well as 2022’s promising industry box office, heighten AMC Entertainment’s conviction that we are on a glide path to recovery,” said Adam Aron, chairman and CEO of AMC Entertainment. “Our strategic investment being announced today is the result of our having identified a company in an unrelated industry that appears to be just like AMC …

The post AMC Buying $27.9M Stake in Mining appeared first on Populist Press ©2022.