E-commerce giant Amazon is in talks to acquire a movie theater chain, according to news reports.
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Landmark Theatres is working with an investment banker on a possible deal, Bloomberg reported late Wednesday, citing people familiar with the situation, and Amazon is in the running. However, Landmark is still in talks with other potential buyers and no final decisions have been made, Bloomberg reported.
Neither Amazon nor Landmark immediately responded to FOX Business’ requests for comment.
While rival theater chains traded lower during the premarket hours of Thursday’s trading session, they had recouped those losses after the open.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 18.25 | +0.55 | +3.11% |
| CNK | CINEMARK HOLDINGS INC | 37.43 | +0.71 | +1.93% |
Landmark was founded in 1974, and is known for featuring independent and foreign films, according to its website. It has 52 theaters and 252 screens across 27 markets, including in Los Angeles and New York City.
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Amazon already creates original programming, though it is unclear whether it is hoping to use physical theaters to distribute that content. The company already has more than 100 million Prime members who can watch its programming.
Landmark Theatres is a part of the Wagner/Cuban Companies, owned by Todd Wagner and Mark Cuban.
This wouldn’t be the e-commerce giant’s first move into the brick-and-mortar space. Last year, Amazon acquired Whole Foods Market as it moved further into the grocery aisle. Earlier this month it launched curbside pickup at select locations to attract more customers.
