Stock Market News
AMC Slips After Taking Stake in Cinema Ad Company
2022.05.18 21:45
By Liz Moyer
Investing.com — AMC Entertainment Holdings Inc (NYSE:AMC) shares slipped 1.6% after disclosing it acquired a 6.8% stake in National CineMedia.
Shares of National CineMedia Inc (NASDAQ:NCMI) also slipped 4% in volatile trading on Wednesday, with major indexes down significantly on heavy selling pressure.
AMC, the largest movie theater chain, disclosed the stake in a regulatory filing late Tuesday. It said the shares weren’t acquired to change or influence National CineMedia, which is an advertising company that displays the ads shown in theaters.
Earlier this year, AMC bought a stake in Hycroft Mining Holding Corporation (NASDAQ:HYMC) in a bid to diversify.
