Imax CEO says partner AMC’s stock surge has helped his business as well

AMC Entertainment’s surging stock price has been good for Imax’s business, Imax CEO Richard Gelfond said Monday.

“AMC is our partner, not our competitor,” Gelfond said on “Squawk Box.” “I think their valuation is driven by their fanbase and their fanbase loves Adam Aron, and they love the asset and they’ve driven that stock to the higher ranges of valuation — and, you know, good for him. We’ve been a beneficiary of that, because they’re our partner. They’re rolling out a lot of screens going forward, and their liquidity is good for us.”

Imax, with operations across 84 countries and territories, has an “asset-like model” without real estate agreements or net debt making it an “entirely different kind of company” from AMC, Gelfond said. 

Shares of AMC have skyrocketed about 2,000% this year in a frenzy driven primarily by meme stock-obsessed retail traders. AMC raised new capital in the surge, including share sales in June of $230.5 million to…

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