Markets

Amazon reportedly looking to buy a movie chain next

Key Points
  • Bloomberg News is reporting Amazon is looking at buying Landmark Theatres.
  • Citing people familiar with the situation, the media outlet says the movie chain's owners are working with investment bank Stephens and talking to "other suitors." It says no decisions have been made and the discussions may not lead to a deal.
  • Landmark Theatres was founded in 1974 and has 52 theaters with 252 screens in 27 markets. It is part of the Wagner/Cuban Companies and co-owned by Todd Wagner and Mark Cuban.
Amazon CEO Jeff Bezos
Mandel Ngan | Getty Images

Amazon may disrupt the movie theater business next.

Bloomberg News is reporting Amazon is looking to buy Landmark Theatres.

Citing people familiar with the situation, the media outlet said the movie chain's owners are working with investment bank Stephens and talking to "other suitors." It added that no decisions have been made and the discussions may not lead to a deal.

The news initially pressured other movie chain stocks.

AMC Entertainment shares and Cinemark's stock fell briefly shortly after Thursday's market open before trading up more than 1 percent each.

Landmark Theatres was founded in 1974 and has 52 theaters with 252 screens in 27 markets. It is part of the Wagner/Cuban Companies and co-owned by Todd Wagner and Mark Cuban. Landmark is the largest domestic movie chain focused on independent films, according to its website.

Amazon declined to comment for this story.

Read the full Bloomberg News story here.

WATCH: Amazon is so much more than online shopping — here's how big its become

VIDEO3:5603:56
Amazon is so much more than online shopping — here's how big its become