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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.



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.

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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.

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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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How to watch UEFA Europa League, La Liga, NBA, all sports without owning Pay-TV decoder

Did you know that you can watch the Europa League and all sports showing on StarTimes without owning a decoder?



Arsenal, AC Milan, Leicester City and Tottenham are among the top teams in Europa League this season.

Did you know that Europa League shows on StarTimes only?

Also, did you know that you can watch the Europa League and all sports showing on StarTimes without owning a decoder?

Well, that’s the truth, all you need do is to download ‘StarTimes ON’ mobile app on your Google Play Store or IOS

So if you are not keen on owning a StarTimes decoder, StarTimes ON mobile app comes handy.

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There are several entertaining content in HD that you can watch without a subscription.

But to watch all content, you need to be a VIP member. With as low as N400 weekly or N1600 monthly Sport VIP subscription, you can watch all sports like Europa League, La Liga, Emirates FA Cup, UEFA Nations League, Copa Del Rey, Copa Italia and NBA (basketball), among others; you can also watch live combat sports like mixed martial arts, boxing and kickboxing, among others every week.

In addition to sports, other great selections of content on the app include local and foreign movies, documentaries, news, music and video-on-demand (VOD) content which you can download and watch offline.

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A combination of all these comes under Max VIP plan, that costs N800 weekly or N2000 monthly. This plan comes with over 70 TV channels and over 5000 video-on-demand content. StarTimes has a rich blend of entertainment channels dedicated Nollywood, Hollywood, Bollywood, Filipino, Chinese and Turkish movies and series.

Subscription is super easy on the app. There are options to either use your MTN airtime, debit card or bank transfer.

For StarTimes decoder owners, there is an added advantage.

It is commonplace that interests and likes differ even at home. And it is even so with entertainment preference, resulting in friction about who controls the remote. It’s time to put an end to the remote fights.

StarTimes has launched one-for-four plan. That’s one decoder subscription enables you to watch your bouquet channels on four devices same time (TV set and three extra mobile devices).

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That means four access for family members to watch whatever they like anytime, anywhere, any day. So dad could be watching a football match while mom is watching movies and kids watching cartoon same time on different devices at no extra charge. You can also renew your decoder subscription via the app.

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How does that work?

Step 1: Download StarTimes ON mobile app.

Step 2: Link your decoder smartcard number to StarTimes-ON app.  To get a guide on linking your decoder call (01-4618888)

Step 3: You can link the same smartcard number to three mobile devices.

That’s all. All four can watch whatever they like anytime, anywhere, any day.

So enjoy your digital life.

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DStv denies social media reports alleging it has been “hacked”

DStv has dismissed social media reports claiming its system has been hacked.



DStv denies social media reports alleging it has been “hacked”, MultiChoice suspends sack of 2000 employees, MultiChoice to sack 2000 employees, MultiChoice, Naspers, Johannesburg Stock Exchange

Multichoice Nigeria, owners of DStv and GOtv, has refuted the claim that its system has been hacked and explained that the firm was only upgrading its system.

This was disclosed by a source in Multichoice Nigeria, who pleaded anonymous as she is not allowed to speak officially on the development.

READ: Mixed reactions as court stops DSTV from price hike

The source told Nairametrics that the company decided to open all of its channels because during the upgrade the subscribers would have difficulties accessing some channels on their bouquets.

“Instead of allowing subscribers to go through such challenge, we decided to open all channels till the upgrade is over,” she told Nairametrics.

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READ: Data war: MTN dwarfs Airtel, Glo, 9mobile, with 1.59 million new subscribers in August

According to the source, the company had informed its subscribers last week Thursday that the upgrade exercise would last for about three days.

It stated, “Please be informed that Multichoice offices are under going a system upgrade from 11 pm Saturday October 17 to 4pm Monday, October 19, 2020.

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READ: Multichoice Nigeria: How investing $2.1 billion in Nigeria’s media and entertainment value chain impacts national economy

“We apologise for inconveniences this may cause.”

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Multichoice gives reasons why Pay-As-You-Go is not feasible

Multichoice has insisted that it is not technically and commercially feasible to run the Pay-As-You-Go billing model.



Multichoice acquires 20% stake in BetKing, MultiChoice partners Walt Disney

Multichoice has revealed that the Pay-As-You-Go (PAYG) billing model advocated by Nigerians is not technically and commercially feasible in addition to being impossible.

This disclosure was made by the Chief Executive Officer of MultiChoice Nigeria, owners of DSTV, John Ugbe, when he appeared before the House of Representatives Ad Hoc Committee investigating the non-implementation of Pay-As-You-Go subscription model by satellite television operators.

While pointing out that the company does not have the technology to offer pay as you go at the moment, Ugbe pointed out that Pay-Per-View (PPV) is often confused with PAYG, adding that the PAYG model used in the telecommunications sector is not the right fit for pay television.

READ: NNPC GMD gives reasons for shutdown of refineries, to get private managers

The Multichoice boss, in clearing the air between PAYG and PPV, explained that Pay-As-You-Go in telecommunications is a metered service that ensures consumers are billed only for the service they consume and not for a fixed period.

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He argued that Pay-As-You-Go is possible in telecommunication sector because it relies on a two-way communication system, which enables operators to determine when a consumer is connected, the service consumed and the duration of connection.

READ: House of Representatives postpones President Buhari’s $22.79 billion loan request indefinitely

However, unlike telecommunication firms, he maintained that satellite broadcasters, cannot offer pay television services because satellite broadcasting is a one-way system and does not enable broadcasters to determine when a subscriber is connected and/or watching or what channel is being viewed.

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Ugbe said: “It is only in instances where there is two-way communication between the device at the subscriber’s home and the headend of the pay-tv service provider, which will enable the provider to determine when a subscriber is connected or not, that a billing system could be designed to take into cognizance the subscriber’s behaviour.’

READ: NLC hastens House of Reps to criminalise casualization of workers

He said the Pay-As-You-Go can only be feasible if there is a total and global remodelling of the satellite broadcasting technical and billing architecture, adding the result will be that consumers will have to much higher tariffs to access the service.

He said, “The economies of scale model employed by broadcasters mean that subscribers pay less. We are yet to see a pay-TV business anywhere in the world that does PAYG in the sense intended here. We do not believe the model is technically or commercially feasible.’’

READ: Pay-as-you-view: Startimes, Multichoice in a tussle for the Nigerian market

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He maintained that Pay-Per-View, is however different from PAYG and more expensive, as it entails a broadcaster transmitting a single event at the same time to its subscribers who have paid to watch the event.

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He pointed out that, “A subscriber who wants to watch an event on PPV is required to pay an additional fee besides his subscription. A typical example would be the Mayweather and Pacquiao, and Wilder and Fury II boxing bouts which were retailed on PPV in the United States for $100 and $79.99 respectively.

READ: Thrive Agric: Investors cry foul play over delayed returns

“The Mayweather/Pacquiao bout, which was shown on DStv premium bouquet, would cost N38,000, which would far exceed the cost of any of the DStv bouquets. The bouquet or bundling model is an effective and efficient means of providing a large but still manageable variety of choice to satisfy consumer demand for entertainment, at the lowest possible cost to consumers,” he said.

The Pay-as-you-go debate has been a subject of a tussle between Multichoice and the House of Representatives. The Federal lawmakers had investigated the cable satellite firm over high tariffs and alleged cheating of its Nigerian subscribers coupled with the refusal to introduce pay per view.

READ: NERC says Discos will compensate electricity consumers for power delivery failure

However, despite Multichoice’s insistence on the impossibility of pay-as-you-go, another cable satellite firm, StarTimes Nigeria, had announced that it had already integrated a flexible subscription plan where customers do not have to pay for what they do not get.

A top official of the firm, disclosed that it allows subscribers to choose daily, weekly, monthly or quarterly plans and enjoy all exciting content on their preferred package/bouquet valid for the period paid for.

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