AMC Entertainment Holdings (NYSE:AMC)

Management is doing the right thing in buying the stock back while its depressed and they slashed their pay in favor of stock based incentives.

PROS
AMC is the largest movie theatre chain in the world
high dividend yield
It is a recession-proof business (sales barely flinched during the post-GFC recession period).
We are in a world where content and distribution are rapidly coming together
While movie theatres are not growing attendance like streaming services are growing members, the box office brings in nearly $12B per year in ticket sales in the U.S. and Canada each year, a generally growing number.
Subscriptions are growing rapidly in the movie theatre industry. AMC’s Stubs A-List subscription program grew from 0 to 1M members (paying $21 to $24 per month) in just over the past 18 months, not including concessions (food & beverage) purchased separately at each attendance
AMC also represents a major potential acquisition for any production studio willing to test the extent to which the US Justice
Department will continue to enforce the Paramount Decrees from 1948 that caused the break-up of theaters from their former studio owners.
Silver Lake Partners Private Equity company holds a substantial investment. Just over a year ago it made a $600M investment into AMC at about $19 per share
AMC recently initiated a streaming service. While not groundbreaking (Cineplex in Canada has been doing it for years), it is a smart way of getting more out of the existing franchise and monetising the value of AMC’s loyalty program. As an aside, the loyalty program is now colossal (over 21M AMC Stubs members now, versus just 2.5M when Adam Aron took over as CEO in 2016).

CONS
Too much competition from streaming (disney+, netflix, att, comcast, etc.)
Box office receipts going down
Movies going directly to streaming platforms
DEBT