Amazon Might Be Looking To Buy Struggling AMC Theaters: Report

Amazon.com (NASDAQ: AMZN) is considering buying AMC Theatres (NYSE: AMC) which owns Odeon Cinemas in the U.K., The Mail reported Sunday, citing unnamed sources.

The two held talks about a potential takeover of AMC by Amazon, but it is unclear if the discussions are still active or if they will lead to a deal, the newspaper said.

Deadline reported Monday that its sources said there are no talks.

Both Netflix, Inc. (NASDAQ: NFLX) and Amazon.com have been well-positioned to benefit from the novel coronavirus pandemic. With theaters closed due to the pandemic, more consumers are opting for streaming and home entertainment platforms like Netflix. Many countries are on lockdown and people are choosing to stay home and binge movies.

Amazon shares were trading up 0.97% at $2,402.60 at the time of publication Monday, while AMC shares were rallying by 24.15% to $5.09.

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