Shares of AMC Entertainment (NYSE: AMC) were 3.4% higher at 11:24 a.m. ET on Wednesday after the movie theater operator filed a statement with the Securities and Exchange Commission that it now owns a 6.8% stake in National CineMedia (NASDAQ: NCMI) , which runs advertisements on movie theater screens.
CEO Adam Aron has said he would be making more investments using the $1.8 billion in liquidity AMC has available, and a purchase like this is probably what most people had in mind. The theater operator caught people by surprise when it previously announced it was taking a stake in defunct gold and silver miner Hycroft Mining .
Image source: Getty Images.
For further details see:
Why AMC Entertainment Stock Is Rising Yet Again today