AMC Entertainment Holdings Inc. received about $203 million in proceeds related to two recently completed transactions, the company said July 6.
On July 5, AMC closed the deal to sell its remaining interest in National CineMedia LLC to Cineworld Group PLC and Cinemark Holdings Inc. for about $156.8 million in cash.
ABRY Partners LLC recently completed the deal to buy a controlling stake in Screenvision Media, formally known as Screenvision Cinema Network LLC. AMC retains a minority interest in Screenvision, and as a part of the transaction received about $45.8 million of cash proceeds.
AMC will use the proceeds to deleverage and return cash to shareholders through share buybacks and dividends. The company will also use the funds to add new theaters in the U.S., Europe and Middle East, renovate its existing theaters and increase its commitment to premium large-format screens.
The completed transactions are part of the company's previously announced plan to monetize its nonstrategic assets over the next 24 months.