The record-breaking weekend debut of "Frozen 2" has lifted U.S. movie theater stocks out of a year-long freeze.
Shares in AMC Entertainment Holdings jumped more than 4% Monday while other chains also posted significant gains.
Movie theater companies have struggled to grow in recent years as streaming services like Netflix produce their own content as well as offer libraries of films that viewers can watch in the comfort of their own homes. Apple and Disney recently joined the streaming party, offering their own monthly subscription-based content.
"Frozen 2" raked in $127 million debut domestically and $350.2 million worldwide this weekend, according to studio estimates. It was enough to boost shares in Cinemark Holdings, Marcus Corp. and Cineworld Group Monday morning.
Shares of AMC, based in Kansas, have lost nearly one-third of their value this year. Cinemark and Cineworld are both down more than 10% in 2019.
Avid completes acquisition of Wolftech
Avid®, known for software solutions for professional media production, has completed the acquisition of Wolftech Broadcast Solutions, a leader in cloud-based multiplatform news planning, production and publishing solutions.
The acquisition enables Avid to combine its digital-first, end-to-end media solution with Wolftech’s expertise in story-centric workflow management. News organizations will be able to increase efficiency and accelerate story delivery through enhanced remote collaboration and multiplatform amplification.
Avid CEO Wellford Dillard stated, “Wolftech is unquestionably on the leading edge of where the industry is going, and this acquisition demonstrates Avid’s commitment to transform news, sports, and live production workflows. We are delighted to welcome Wolftech into the Avid family.”
Wolftech CEO Arne Berven added, “We were focused on finding a partner that could accelerate the adoption of our platform globally. We explored a number of possibilities, but when we talked to Avid, we knew it was the right match.”
The closing of the acquisition follows Avid’s announcement on October 7 that the company had entered into a definitive agreement to acquire Wolftech.
With this acquisition, Avid deepens the integration between the two toolsets while continuing to embrace an open approach in partnering with a wide range of media production tools and newsroom systems. Existing Wolftech customers will benefit from Avid’s global scale for customer support and professional services.
Ian Axton, head of production operations for ITV News, said, “As a customer of both Avid and Wolftech we’re excited about the benefits this acquisition will bring to our users and our business. Wolftech has transformed... Read More