Later in the day, AMC said in its proxy that Aron’s total compensation for 2020 grew to $20.9 million, including a $1.1 million salary, bonuses and a $14.8 million stock award. Aron will receive $3.75 million as part the payouts coming from an authorized pot of $8.3 million. Contrary to perceptions that the conglomerate had taken a major step back from AMC, Aron said Wanda has sold only about 2 million shares in the past two years.Īron’s comments came after AMC Entertainment said late last month it was awarding Aron and other executives “supplemental special incentive cash bonuses” to recognize the challenge they faced steering the embattled company on a financial rollercoaster over the past pandemic year. Wanda’s stake is about 44 million shares - which was worth about 50% of the company six months ago, Aron said, but only about 10% today. China’s Wanda Group had its position diluted after approving the issuance of new shares in AMC as a pandemic survival measure. Silver Lake Capital sold its entire stake in the company at a profit of $113 million. The Reddit wave brought significant changes to AMC’s ownership. ![]() “You’re seeing millions and millions of people rally behind saving AMC.” ![]() “What I find so appealing about this Reddit phenomenon is the affection and allegiance that Americans have across the country to AMC, to moviegoing, to seeing movies in theaters,” he said. We know that we’ve got enough cash in our bank now to last a long time if we see even a partial recovery of movie theater industry this summer.”Īron views the Reddit rally as a validation of the heritage and core business of his company. AMC raised $2.2 billion in cash and another $1.5 billion in concessions from lenders and landlords between April 2020 and January 2021.Īs to whether AMC would need additional liquidity, he said, “We haven’t decided yet. ![]() He said the “incredible irony of all this” is that eight months of frenetic fundraising was 99% complete before the Reddit upswing, which helped AMC slash its debt by $600 million. But look at what we’ve accomplished.”Īsked about the experience of seeing AMC stock surge due to Reddit-based trading, along with stocks like GameStop, Aron declined to comment in detail on the motivations of retail traders. Five different times we were within six to 12 weeks of running out of cash. ![]() “We have been fighting for the very survival of this company. “The way I’ve lived since last March, when we went from having $5.5 billion in annual revenue to having no revenue at all, long-term planning for me has been a week from Thursday,” he said with a wry smile. AMC Entertainment Stock Pops As It Raises Fresh Cash In Stock Sale Talk Of "Financial Collapse" Now Moot, Says CEOĪron was asked about the long-term outlook for movie theaters, given that studios parent companies’ streaming focus and a potentially arduous recovery from Covid.
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