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AMC Entertainment said it will buy Saudi Entertainment Ventures' (SEVEN) investment in the film industry, Saudi Cinema Company, for $30 million.
AMC said the deal required a transition from a management and investment role in SCC to a "pure licensing relationship." Existing AMC Theaters and future venues operated by SCC will retain the AMC Cinemas name and other intellectual property under the license agreement.
The deal began in 2017, AMC signed a non-binding MoU with the Saudi Arabian State Investment Fund to host theatrical exhibitions in the Kingdom for the first time since the 1980s. In the year 2018, AMC held the first screening country cinema in Riyadh's King Abdullah financial district. Partnered with Saudi Entertainment Ventures to establish SCC to develop and operate multiple outlets across the Kingdom.
Over the next four years, AMC partnered with SEVEN to open 12 more locations, work in development, manage the business during Covid, and hire and train theater, management, and corporate operations staff.
"The association had two goals when it was created. First, to bring the films to the people of Saudi Arabia. Second, but not least, to train the management of the cinema and the corporate team so that in the future the company can be managed locally in the UK More than five years after we moved to Saudi Arabia and opened the first theater there It's been almost five years since this point, and this announcement and deal is the natural next step in that process.
"We have great faith in the team running these theaters and taking them to the next level as we envisioned when we started. We look forward to continuing our relationship with SCC and the wonderful people at SEVEN to bring the AMC movie experience to Saudi Arabia." public for years to come," he said.
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