SEVEN to fully acquire AMC Cinemas operations in Saudi Arabia

Logo of Saudi Entertainment Ventures

Saudi Entertainment Ventures Co. (SEVEN), a fully owned subsidiary of the Public Investment Fund (PIF), announced restructuring its joint venture with AMC Entertainment Holdings, the US-based owner of the largest number of theaters in the world, and starting the development and operations of theaters under the brand AMC Cinemas in the Kingdom.

Under the agreement, SEVEN will fully acquire AMC's operations in the Kingdom, while retaining the intellectual property rights and tradename of AMC Cinemas in Saudi Arabia, according to a statement.

Meanwhile, the partnership with AMC will continue to exist through the franchise agreement, which will enable SEVEN to keep AMC Cinemas tradename, which begam in 2018 the first operator of cinemas in Saudi Arabia.

As of now, SEVEN will be in charge of operating and managing 85 cinema screens across the Kingdom.