AMC is leaving Saudi Arabia, a market that was once considered the world’s final frontier for cinema but proved hard to dominate
AMC Entertainment Holdings Inc. will exit its equity partnership in Saudi Arabia, the cinema giant said Tuesday, leaving a market that was once considered the world’s final frontier for cinema but proved hard to dominate.
A subsidiary of the Saudi sovereign-wealth fund will acquire AMC’s equity stake in their joint venture, giving it 100% ownership, according to a joint statement from the subsidiary, Saudi Entertainment Ventures, and the American movie-theater chain. The Saudi firm will take over AMC’s operation in the kingdom and franchise it.
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