AMC Entertainment CEO Adam Aron Sees “Opportunity” In Regal Legal Woes – Is There?
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deadline.comAMC Entertainment CEO Adam Aron said a Canadian court ruling requiring its biggest rival to pay a hefty fine is an “opportunity,” leaving Wall Street and AMC’s own legion of retail investors wondering what he meant.Last summer, in the midst of the pandemic, Cineworld, the UK-based parent of Regal Cinemas, scrapped a deal to merge with Cineplex of Canada, citing breaches of contract.
Cineplex sued and just yesterday a judge awarded it damages of $1.24 billion CAD (nearly $1B US) and denied a counterclaim by Cineworld, which said it plans to appeal.“A Canadian court just ruled that Regal/Cineworld, our largest competitor in the U.S./Europe, must pay nearly $1 billion USD in damages over the failed Cineplex merger.
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