Thursday, July 25, 2024

UPDATE AMC Theaters Stock Drops 16% After Warner Bros. Announces They Will Debut All 2021 Movies on HBO Max Simultaneous to Screens


UPDATE AMC THEATERS  stock dropped 16% at close of bell today after WB’s announcement.

Warner Bros. has dealt to a potential death blow to movie theaters today. They’ve announced that all their 2021 releases will go not only to theaters but to HBO Max at the same time. HBO Max is the Warners streaming equivalent of Disney Plus or Netflix. This means that audiences will have the option of staying home, not paying for babysitters, sodas, candy, etc. And they will avoid potential exposure to COVID.

Will some want to go to theaters? Maybe. But by and large, this could kill the theater business.

At 2:14pm, AMC Theaters stock had dropped 12% in two hours.

The movies on this list for 2021 include:

Denzel Washington’s “The Little Things,” upcoming Oscar-buzzed  “Judas and the Black Messiah,” plus Tom & Jerry, Godzilla vs. Kong, Mortal Kombat, Those Who Wish Me Dead, The Conjuring: The Devil Made Me Do It, Lin Manuel Miranda’s “In The Heights,” Space Jam: A New Legacy, The Suicide Squad, Reminiscence, Malignant, “Dune,” David Chase’s “The Many Saints of Newark,” King Richard, Cry Macho and Matrix 4.

The studio had already announced the simultaneous release of “Wonder Woman 1984” in theaters and on HBO Max.

The studio says: “The hybrid model was created as a strategic response to the impact of the ongoing global pandemic.”

Roger Friedman
Roger Friedman
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.

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