AMC Entertainment said Saudi Entertainment Ventures (SEVEN) will buy out its investment in movie theater venture, Saudi Cinema Company, for $30 million AMC said the agreement calls for it to transi…
said Saudi Entertainment Ventures will buy out its investment in movie theater venture, Saudi Cinema Company, for $30 million
The deal dates back to 2017 when AMC entered a non-binding memorandum of understanding with the Public Investment Fund ofto explore bringing theatrical exhibition to the Kingdom for the first time since the 1980s. AMC hosted the country’s first movie screening in 2018 at King Abdullah Financial District, Riyadh. It partnered with Saudi Entertainment Ventures to form SCC to develop and operate additional locations across the Kingdom.
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