AMC Entertainment said Saudi Entertainment Ventures (SEVEN) will buy out its investment in movie theater venture, Saudi Cinema Company, for $30 million. AMC said the agreement calls for it to transition from a management and investment role in SCC to “a pure licensing relationship.” Current AMC Cinemas and future locations operated by SCC will retain the AMC Cinemas name and other IP through the licensing agreement. The deal dates back to 2017 when AMC entered a non-binding memorandum of understanding with the Public Investment Fund of Saudi Arabia to explore bringing theatrical exhibition to the Kingdom for the first time since the 1980s. AMC hosted the country’s first movie screening in 2018 at King Abdullah Financial District, Riyadh. It partnered with Saudi Entertainment Ventures to form SCC to develop and operate additional locations across the Kingdom. During the next four years, in collaboration with SEVEN, AMC opened another 12 locations with more in the … [Read more...] about AMC Entertainment Sells Stake In Saudi Arabia Theater Venture To Local Partner For $30 Million