AMC Entertainment Holdings (NYSE:AMC) Inc shares surged Tuesday after a report came out that Amazon was exploring opportunities to buy the theater chain.
Amazon founder Jeff Bezos tapped his investment advisors and entertainment executives to investigate a possible acquisition, according to a report from The Intercept citing people familiar with the matter.
Amazon previously bought MGM last year for $8.5 billion in a move to enhance its Prime Video with film franchises like James Bond and Rocky.
Shares of AMC traded 10% higher Tuesday afternoon at $5.01. The former meme stock closed as high as $62.49 in June 2021 during the Reddit-driven frenzy.
Amazon has yet to comment on the matter, per reports.
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