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Communication Services : Entertainment | Large Cap Blend
Company profile

The Walt Disney Company, formerly TWDC Holdco 613 Corp, is a worldwide entertainment company. The Company operates in four business segments: Media Networks, Parks Experiences and Products, Studio Entertainment, and Direct-To-Consumer and International. The media networks segment includes cable and broadcast television networks, television production and distribution operations, domestic television stations, and radio networks and stations. The Company's Walt Disney Imagineering unit designs and develops new theme park concepts and attractions, as well as resort properties. The studio entertainment segment produces and acquires live-action and animated motion pictures, direct-to-video content, musical recordings and live stage plays. The Company also develops and publishes games, primarily for mobile platforms, books, magazines and comic books.

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AMC shares jump 6.5% premarket on news cinema operator to reduce debt, raises $300 million in new funding

8:14 am ET July 13, 2020 (MarketWatch)

AMC Entertainment Holdings Inc.'s shares (AMC) soared 6.5% in premarket trade Monday, after the owner of the world's biggest cinema chain said it has reached an agreement to reduce its debt by at least $460 million and has secured $300 million in new funding. The company, which has been battered during the coronavirus pandemic as it was forced to close its theaters, said it has amended exchange offer and other agreements to reduce its debt by up to $630 million with holders of 73% of its roughly $2.3 billion in senior subordinated notes supporting an amendment announced late Friday. Separately, the company has also reached agreements to restructure some $600 million of convertible bonds issued in 2018 to Silver Lake. In another liquidity-boosting move, AMC has converted cash interest on new exchange notes for 12 months, and under certain conditions up to 18 months, into payment-in-kind and will be deferred until 2026. The company said that could save $100 million to $200 million of cash in the near term. "This is one of many steps we have taken since March as we navigate through these turbulent coronavirus times, including significantly reducing operating costs and capital expenditures, working with theatre landlords to abate and defer rents, raising $500 million of new public debt in April and developing new health and cleaning protocols with the best global experts to keep our theatres safe," Chief Executive Adam Aron said in a statement. AMC shares have fallen 36.5% in the year to date, while the S&P 500 has fallen 1.4%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

July 13, 2020 08:14 ET (12:14 GMT)

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