AMC CEO Adam Aron Says He Was Impressed With 'Affection And Allegiance' Of Reddit Traders

After a stagnant 2020 in the midst of the pandemic, Friday marked the reopening of AMC theaters in New York state.

What Happened: AMC Entertainment Holdings Inc AMC CEO Adam Aron joined CNBC Friday to discuss the reopening of New York theaters and the epic run his company’s stock has had in 2021.

Aron was frank about the importance of major-market theaters returning to operations, saying, "Nothing is more important to us than opening in New York and Los Angeles."

Los Angeles is a few weeks behind New York City for the reopening of theaters, Aron estimated. About 90% of AMC theaters across the U.S. are open, he noted.

Aron also said major movie titles are coming "real soon."

Reddit Rally Response: Asked what the Reddit rally meant for himself and the AMC brand, Aron said: “What I find so appealing about the Reddit phenomenon is the affection and allegiance that Americans have across the country to AMC, to moviegoing, to seeing movies at theaters. You’re seeing millions and millions of people rally behind saving AMC.”

See related story: Why GameStop Stock Traders Should Beware The 'Law Of Twos And Threes'

Aron has been rewarded handsomely in his last year at the helm of AMC. After helping the world’s largest movie theater chain stave off bankruptcy in 2020, AMC lifted Aron’s compensation package to $20.9 million. Aron made $9.7 million in total compensation in 2019.

Price Action: According to Benzinga Pro, AMC shares ended down about 0.25% on Friday, ending the after-hours session at $7.97. 

The stock has a 52-week high of $20.36 and a 52-week low of $1.91.

AMC will report fourth-quarter results on March 10 after the market close.

See Also: How To Buy AMC Stock.

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