AMC Entertainment sells $18.2 million worth of National CineMedia shares
AMC Entertainment Holdings Inc. (AMC) said on Monday that it has completed the sale of 2.8 million shares of National CineMedia Inc. (NCMI) to an undisclosed buyer for $18.2 million, or roughly $6.49 per share. The sale, which the theater operator said is consistent with plans to identify $400 million in assets to be monetized, fulfills AMC's obligation to the U.S. Department of Justice to reduce its ownership stake in National CineMedia as part of its acquisition of Carmike Cinemas last December. "Similar to last week's transaction, this sale will allow us to further enhance our liquidity position, strengthen our balance sheet through deleveraging and execute on our strategic capital allocation plans of buying back AMC shares all the while investing in our future growth through the renovation of our theaters," AMC Chief Executive Adam Aron said in a statement. Shares of AMC have declined more than 56% in the year to date, while the S&P 500 index is up nearly 13% and the Dow Jones Industrial Average is up more than 13%.
-Trey Williams; 415-439-6400; AskNewswires@dowjones.com
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