AMC
Entertainment CEO Adam Aron has battled to keep his movie theater chain going as the exhibition industry struggled to recover from the pandemic. He has basked in his newfound celebrity on social media, where he plays to his meme-stock-trading superfans. He has also been the target of a blackmail plot.
The scheme, involving potentially hundreds of thousands of dollars, was kept private only until recently, Aron said Thursday on X, the platform formerly known as Twitter. His revelation comes the day after a report by Semafor identified him by name as the unnamed public-company executive in a 2022 federal indictment.
“Unfortunately, last year I became the victim of an elaborate criminal extortion by a third party who was unknown to me related to false allegations about my personal life,” he told his 303,400 followers.
“Rather than give in to blackmail, I personally engaged counsel and other professional advisors and reported the matter to law enforcement,” he said.
Aron said the Federal Bureau of Investigation and the Justice Department asked him to keep it confidential during their investigation and court case.
After the extortionist was caught, convicted, and sentenced in July, Aron revealed the matter to
AMC’s
(ticker: AMC) board, which reviewed it with the independent WilmerHale law firm.
“This was entirely a personal matter,” Aron said in a lengthy post on X. “The matter is closed.”
AMC Entertainment could not immediately be reached for comment.
According to a Justice Department press release in September 2022, when the defendant was arrested after being indicted on three counts, the catfishing scheme targeted wealthy and high-profile men. The defendant, using multiple online identities, threatened to release sexually explicit photos and communications in an attempt to obtain payments.
Aron, who is married, mistakenly believed the person who contacted him was someone with whom he had had a prior relationship, according to court documents. He sent her photos at her request, the documents said, and the scheme continued to unfold from there.
Aron said on X that he went to law enforcement “knowing I risked personal embarrassment. But with my access to resources, if I did not stand up against blackmail, who could?”
The CEO’s disclosure also comes as AMC is gearing up for throngs of Taylor Swift fans to show up for the Taylor Swift: The Eras Tour film release this weekend.
AMC has already sold more than a record $100 million in advance tickets for sold-out screenings, at which Swifties will be exchanging friendship bracelets and AMC will give U.S. theater attendees 8”-by-10” movie posters. The film, like her concert tour, is expected to break records for attendance and revenue.
As of Thursday, more than 4,500 showtimes on Friday and 7,300 showtimes this weekend are at least 75% occupied, the threshold EntTelligence considers sellout range. Ticket prices are averaging $20.80 for adults, and $14.19 for children, for screenings in premium formats like IMAX.
AMC’s shares closed up 5.5% on Thursday, to $10.99 a share.
AMC is already selling advance tickets for Renaissance: A Film by Beyoncé, which opens Nov. 30 and Dec. 1 at U.S., Canadian, and Mexican movie theaters.
Cinemark,
Regal, Cineplex, Cinepolis, and other chains are also selling tickets.
Write to Janet H. Cho at [email protected]
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