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AMC Entertainment Holdings stock price
AMC Entertainment Holdings latest news:
AMC is partnering with Dreamscape Immersive to scale virtual reality technology in Hollywood
Movie theater chain AMC Entertainment Inc. said on Tuesday that it has entered into a wide-ranging strategic partnership with location-based virtual reality start up Dreamscape Immersive in a move that both side hope will "rapidly scale the development" of the virtual reality technology. AMC shares rose as much as 4% in Tuesday morning trade. As part of the deal, AMC will lead a $20 million series B funding round and invest $10 million in Dreamscape, as well as finance up to six Dreamscape VR centers in its cinemas over the next 18 months. AMC's theaters are also home to some of Imax Corp.'s VR centers. AMC will also invest $10 million into a content fund. Dreamscape has green-lit its first piece of original content and is in licensing talks with Hollywood studios. Dreamscape's series A funding round includes investors such as, Time Warner Inc.-owned Warner Bros., 21st Century Fox , Imax and Steven Spielberg. Shares of AMC have declined nearly 54% in the year to date, while the S&P 500 index is up more than 11%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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