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CNBC's "Fast Money"

CNBC SPECIAL: AMC CEO Talks Apes and The Future

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 22 December 2021

⏱️ 59 minutes

🧾️ Download transcript

Summary

The more than 100-year-old movie theater chain, AMC Entertainment, has been on a wild ride this year after losing $4.6 billion dollars in revenue in 2020. The pandemic pushed the company to the brink of bankruptcy, but in October 2021 its market cap was higher than $18 billion thanks, in part, to a group of 4.1 million retail investors who now own 80% of the company. Some of these retail investors call themselves "apes," a play on Wall Street referring to them as "dumb money." In a digital uprising on Reddit, Twitter and YouTube, they have jumped into the stock giving AMC a billion dollar lifeline. The company's CEO, Adam Aron, is one of the most interesting characters in this whole drama because he has leaned into AMC's "meme stock status." Aron communicates with retail investors directly on social media and he's incorporating their ideas for the company, like accepting crypto at AMC theaters, into his strategy. In this podcast, CNBC's Melissa Lee interviews Aron about his experience at the helm as he battled to save AMC and his plans to revive the company. This is their full conversation from September, 2021 and you can watch the documentary, “How The AMC Apes Cracked Wall Street” on Youtube to hear why the apes think Wall Street is rigged and what they’re trying to do about it. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

AMC Entertainment has had a wild year.

0:03.0

2021's are the movie theater chain almost filed for bankruptcy,

0:07.0

and its resurgence, thanks in part to a group of retail investors who call themselves apes.

0:12.0

At the helm of it all was CEO Adam Aaron.

0:15.0

CNBC spoke with Aaron for a documentary about the eight movement.

0:19.0

I'm Melissa Lee, and this is the full conversation I had with Adam Aaron in September 2021.

0:26.0

So Adam, you're in Kansas City right now?

0:30.0

I am, where I'm filming this from an AMC theater in Olathe, Kansas.

0:37.0

How long was that theater empty, and when did that theater reopen?

0:43.0

You're bringing back bad memories.

0:46.0

I remember on February 23 of 2020,

0:52.0

hearing word in my office that the city fathers in Milan

0:57.0

want us to shut half a dozen theaters for ten days.

1:01.0

That was the first time we heard any news that the coronavirus

1:05.0

had sort of escaped the borders of China.

1:09.0

It had been contained in China in January and early February.

1:15.0

And I remember thinking at that time,

1:18.0

well, it's only six theaters in Milan and we've got a thousand theaters globally in 15 countries.

1:24.0

It would be very bad if it were to spread or to come to the United States

1:27.0

where we're the largest movie theater chain in the US with 600 theaters here,

1:31.0

but it's only half a dozen theaters in Milan.

1:35.0

Three weeks later, three weeks,

...

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