Struggling AMC chain launches private theater rentals program

AMC, the world’s largest movie theater chain, is making its cinemas available for private screenings in a bid to shore up attendance amid the pandemic.

A new package deal will let parties as large as 20 rent out a theater for as little as $99, and offers a selection of 17 films including “Jurassic Park” and “The Nightmare Before Christmas.” Recent releases such as “Tenet,” “The War With Grandpa” and “Freaky” are available at higher prices ranging from $149 to $349 plus tax depending on location.

The program had been tested for four weeks last month and drew 110,000 inquiries around the country, AMC said Tuesday.

Elizabeth Frank, executive vice president of worldwide programming, called the response “unprecedented” and credited AMC’s safety protocols, which includes mandatory mask wearing and appropriate social distancing in theaters.

Like rival cinema chains, AMC has been hit hard by the pandemic, which temporarily shuttered all movie theaters in the country in mid-March. AMC began reopening its doors in late August, but it has been a struggle getting customers back.

Last week, the company said its third-quarter loss widened to $900 million as revenues dropped 91 percent to $120 million. The movie house is also working to raise cash in order to avoid filing for bankruptcy. In an SEC filing on Nov. 2, AMC said it is looking to sell up to 20 million class A shares in order to raise $50 million in new capital.

AMC shares — which surged 50 percent Monday on news that Pfizer has a COVID-19 vaccine that has been 90 percent effective in trials — were recently off 1.9 percent at $3.71.