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Entertainment

American cable television, AMC looking to raise funds amidst fears of bankruptcy

The television network is in talks to raise enough capital to stay afloat until at least next summer.

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AMC, an American multinational basic cable television channel, a flagship property of AMC Networks, has been hard hit by the Coronavirus pandemic and is in dire need of cash.

On Monday, the world’s largest cinema chain reported an overall third-quarter revenue of $119.5millilon, down 91% compared to the revenue of $1.3billilon in the same period of 2019. Losses hit $905.8 million or $8.41 per share, compared to the 53cents per share loss in 2019.

READ: IMF assessing additional tools to provide aid to pandemic-hit countries

In grappling with the financial impact of the pandemic, AMC noted in its earnings that it has raised more than $80 million by selling its Baltic theaters in Latvia, Lithuania, and Estonia.

AMC also noted it renegotiated its debts, theater leases, and reduction in interest payments and it was able to raise $900million in capital from new debt offerings and equity sales.

READ: Netflix adds 10.1 million paid users in Q2 2020, yet stock plunges more than 9%

AMC also noted in its earnings that it’s “operating approximately 539 of its 600 domestic locations,” and around 261 of its 358 international locations are back in operation.

However, there is less attendance due to Covid-19 protocols, which means few paying customers and with the streaming world upon us, many prefer to stream than go to the cinema, more so as theaters have been closed in several European countries due to rising Corona cases.

READ: China’s economy bounces back from COVID-19 slump, with a growth of 4.9% in Q3 2020

  • AMC president and CEO Adam Aron said in a statement: “The magnitude of the impact of the global pandemic on the theatrical exhibition industry was again evident in our third-quarter results, as theatre operations in the U.S. were suspended for nearly two-thirds of the quarter. And yet, despite unrelenting obstacles, the AMC team continued to make significant progress in pursuit of our three key priorities:
  • To strengthen our liquidity position;
  • To dramatically reduce operating and capital expenditures, and
  • To continue to safely and successfully restore our operations.”

AMC is looking to offset the losses incurred during the pandemic, and they are looking at every possible means to get money. AMC president and CEO, Adam Aron said: “All we got to do is raise a little money and we’ll be just fine“. Last month, the company sold 15 million shares to secure $41.6million.

We are currently seeking again to raise additional equity capital,Aron added. According to a SEC filing published on Monday, the company is looking to sell up to 20 million Class A shares to generate up to $50million to raise funds.

The company is also considering venturing into streaming due to less attendance and few paying customers, Aron said  “AMC is not stuck back in 1955. We are willing to consider alternate models…..We understand the world of streaming is upon us. We believe it optimizes our profitability and the studio’s profitability if they can have a combo of theatrical releases and streaming.

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Entertainment

REVIEW: #ComingToAmerica 2 is a Sophomore Slump

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“There are some classics that are best left alone”. . . These were my published thoughts when the making of the sequel of Coming to America was announced. My worry was the famous “sophomore slump”

A SOPHOMORE SLUMP: “An instance in which a second, or sophomore effort fails to live up to the relatively high standards of the first effort.”

I’m sorry but there couldn’t be a more realistic description of Coming 2 America. The only problem with the movie is the size of the shoes it had to wear. Get rid of any sense of expectation & you would have a fantastic movie in this sequel I say this because the effort to recreate a classic was hard to ignore.

Pulses

The pluses for this picture, for me, include the following;

FACES: This movie was pleasantly star-studded and yet the faces didn’t overwhelm the characters as you’ll enjoy the roles they play & for a minute forget the people they are. Almost every scene was graced by an established showbiz icon

GENERATIONAL GLIDE: This movie found a way to include every generation there is, in the fun. So if you, like me, saw the 1st Movie as a teenager in 1988, you could still relate to faces like John Amos, Wesley Snipes, James Earl Jones, Envouge, Gladys Knight, Morgan Freeman, Eddie Murphy & Sharon Headley

Then there was the generation that didn’t meet Eddie as a stand-up comic but know Tracey Morgan, Lesley Jones, and Luenell. These ones too could relate to Rick Ross and Garcell Beauvals.

And finally, even Gen Z would feel it was a movie made for them when you realize that Rotimi, Teyana Taylor, Jennifer Sears were also there.

REPING AFRICA: This effort shouldn’t go unappreciated. From SA, Ghana & Nigeria, Trevor, Blackson & Davido had the black continent truly feeling like part of this. It was like finding Uncle Pete in Wakanda. Would have truly left us with a strong sense of inclusion. Well, this movie did just that. You would also hear Tiwa and Burna’s voices with such pride

DELIVERY: Practically everyone killed their roles. Wasn’t amateur night at all. My favorite character however was General Izzi played by Wesley Snipes. At last, someone sounded African without sounding primitive. He was outstanding

The Positives

More of the things I enjoyed were the following;

COSTUMING: Was elaborate and every inch impressive

LOCATION: I hear this is Rick Ross’s house. Fantastic scenery. And the Halem bit was so reflective of the images from part one. The nostalgia was real.

MUSIC: Music performances would leave you smiling

Binance

PACE: No dragging. Near 2 hours would pass in a flash. Interest is sustained

HUMOR: The typical comic relief spread across part one, found a way to relive itself here.

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DIRECTING: Looking basic from a distance but many pros would appreciate the directorial approach. Simple and Drama friendly but technically sound.

LESSON: The message of having the heart to walk your own path is nicely laid down alongside “Girl Power”. You’ll also appreciate the deliberate addressing of the impression of Africa, the starved children & flies.

The Negatives

I also found a few minuses however, in

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STORY: Was passively enjoyable and became near predictable towards the end. I’ve seen part 1 some 20 times. Not sure i would do a 3rd with this, at the most.

SCRIPTING: There was an overly repeated attempt to recreate scenes from part one. A little overboard if you ask me. Once or twice would have been fine but with this movie, too many scenes were created off the mould of scenes from part one.

Audit Opinion

  • Overall it wasn’t a bad picture but the sheer level of expectation makes 60% the best ill give it.
  • And frankly, it might have been more but for the humongous impact part, one left in our lives.
  • And so ill repeat, let the true classics be. There is no redoing “Sound of Music, The Good Bad, and Ugly, or Village Headmaster”
  • John David Washington is a fantastic actor but the beginning of his end would be an attempt to be his father Denzel. Femi Kuti is successful because he is not trying to be Fela.
  • Some acts are best not followed. But for those with the heart to remake history, beware of the SOPHOMORE SLUMP.
  • Coming 2 America just proved how real it is.

ThaAudit by Emma Ugolee @emmaugolee @thaaudit

ThaAudit is an independent review and opinion of movies, music, books, and anything entertainment. It is edited by Emmanuel Ugolee.

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Entertainment

Veteran broadcaster, actor, Sadiq Daba is dead

Daba died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

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Veteran broadcaster and actor, Sadiq Daba, died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

His death was confirmed by filmmaker, Kunle Afolayan, with whom he recently worked with on the 2020 motion picture, Citation.

Afolayan, who said that the ace broadcaster died on the evening of Wednesday, March 3rd, said he spoke with his wife and son who confirmed his passing to him.

Many Nigerians, including billionaire Femi Otedola, had donated money for his treatment abroad and showed massive support on social media.

Daba made waves in the 1980s on Nigerian Television Authority (NTA).

He has featured in several TV series and movies, with “Cock Crow at Dawn” and “October 1st” as notable mentions.

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