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AMC’s coronavirus-stricken stock is surging at the mere thought of Amazon buying it

amc theatres amazon takeover
AP Photo/Paul Sancya
It’s a nice thought.
  • Adam Epstein
By Adam Epstein

Entertainment reporter

Could Amazon buy the world’s largest chain of movie theaters?

AMC Entertainment’s investors apparently hope so. For much of 2020, AMC’s stock has been down around 50% on the year as most of the company’s 11,000 screens around the world remain shuttered.

But, today, shares of AMC are up 40% (recouping about 26% of their value lost since January) solely on an unconfirmed report in the British tabloid the Daily Mail that Amazon is interested in buying the global theater chain. AMC’s market capitalization was about $427 million when the news broke, down from $752 million at the end of 2019.

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