AMC ENTERTAINMENT AND HOLLYWOOD.COM TEAM UP TO CREATE MOVIETICKETS.COM, INC.
Company To Be a Major Force in Online Movie Ticketing
(Kansas City, MO and Boca Raton, FL - February 16, 2000) – AMC Entertainment Inc. (AMEX: AEN), the world's largest theatrical exhibition company based on box office revenue, and Hollywood.com, Inc. (NASDAQ: HOLL), a premier Internet site for movies and entertainment, announced today they have joined forces to form a new joint venture company, MovieTickets.com, Inc. ("MovieTickets.com" or the "Company"). The Company's focus will be on the Internet sale of movie tickets with additional content to assist users with their moviegoing decisions. The launch of MovieTickets.com is scheduled for the Memorial Day weekend.
AMC Entertainment Inc. and Hollywood.com, Inc. will each own a 50 percent interest in MovieTickets.com, Inc. Peter Brown, Chairman and CEO of AMC Entertainment, and Mitchell Rubenstein, Chairman and CEO of Hollywood.com, will serve as Co-Chairmen. The site will be open to all exhibitors seeking Internet ticketing.
In addition to ticket sales, MovieTickets.com will distinguish itself, from a typical movie content site, through its highly unique and functional element that provides moviegoers comprehensive information about current and future movie releases. The site will access the rich library of Hollywood.com and its Baseline subsidiary as well as other sources. Showtimes for over 30,000 screens will be listed on a daily basis. The site will include additional content such as reviews, trailers, soundtracks, entertainment news, coverage of entertainment events such as film festivals and movie premieres and a branded movie merchandise superstore.
The latest technology for maintaining data security and tracking customer visits and purchases will enable MovieTickets.com to serve as a "personal shopper" for customers, recommending movies and products to suit each customer's personal profile. MovieTickets.com owns both the Movietickets.com and Movieticket.com URLs to ensure that moviegoers can easily locate the site.
Technology will be handled on a joint basis, with AMC and Hollywood.com contributing their respective expertise. Since 1991, AMC has led the theatrical exhibition industry in remote ticketing. As the first major exhibitor to introduce teleticketing, the AMC circuit alone currently accounts for over 40 percent of the industry's telephone transactions for movie ticket sales.
Through the AMC theatre circuit, MovieTickets.com will initially cover over 70 percent of the major markets in the U.S. and will consist of approximately 2,000 Internet-ready screens. Advertising sales on the site will be handled by an experienced sales force made up of representatives from Hollywood.com and National Cinema Network, one of the nation's leading cinema advertising companies. In addition, AMC theatres and other circuits that join the service will promote MovieTickets.com with on-screen and in-lobby marketing programs and through their companies' respective websites.
Commenting on the venture, Peter Brown said, "This is the first important step in AMC's overall Internet strategy. Our theatres generate annual attendance of over 150 million people and the Internet offers significant potential to monetize the value of this traffic. We are extremely excited about launching our first Internet venture with a proven company like Hollywood.com. Their expertise and track record in the Internet entertainment space makes them the ideal partner for us."
Mitchell Rubenstein said, "This major venture blends perfectly with all of our prime assets -- Hollywood.com, Broadway.com, Showtimes.com and Musicsite.com. We are thrilled to join forces with such a premier theatre circuit as AMC. The quality of their circuit combined with their remote ticketing experience and marketplace leadership provides the perfect platform to launch this venture. Now moviegoers need only spend a few minutes online rather than in line."
AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres, the Company operates 210 theatres with 2,868 screens in the United States, Canada, Hong Kong, Japan, Portugal, Spain and France. Its Common Stock trades on the American Stock Exchange under the symbol AEN. The Company, headquartered in Kansas City, Mo., has a website at www.amctheatres.com.
Hollywood.com Inc. (NASDAQ: HOLL) owns a group of Internet businesses dedicated to bringing all things "Hollywood" to the online user. The company was founded by Mitchell Rubenstein and Laurie S. Silvers, who earlier founded the Sci-Fi Channel™. Hollywood.com's shareholders include CBS Corp., The Times Mirror Co. and Gannett Co. Inc.
Hollywood.com Inc. owns Hollywood.com, a premier movie site on the Internet; Showtimes.com, Inc., the nation's largest provider of movie showtimes listings on the Internet; Baseline, one of the largest and most comprehensive movie information databases; the Hollywood.com Studio Store (shopping.hollywood.com), the world's largest online movie studio store, featuring a wide range of entertainment-related merchandise; and Broadway.com (launching April, 2000), offering the web's most comprehensive coverage of live theater worldwide. The Company will launch Musicsite.com on March 24, which will be the first comprehensive music site on the Internet to feature extensive local listings of concerts and music-related events.
Hollywood.com is the official movie web site of the National Association of Theatre Owners (NATO). Through its relationship with NATO, Hollywood.com maintains and updates many theater exhibitor web sites. Under an agreement with NATO, Hollywood.com is promoted with trailers, posters and decals in movie theaters covering approximately 70 percent of all movie screens in the United States.
AMC Entertainment Inc. forward-looking statements
Any forward-looking statements contained in this release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors, including but not limited to the Company's ability to enter into various financing programs, competition from other companies, demographic changes, changes in economic climate, increase in demand for real estate, construction delays, unforeseen changes in operating requirements, the ability to achieve planned openings or closings of theatres and screens, changes in real estate, zoning and tax laws, the performance of films licensed by the Company and other risks and uncertainties.
Hollywood.com, Inc. forward-looking statements
The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in Hollywood.com, Inc.'s filings with the Securities and Exchange Commission.
Vice President, Corporate Affairs
AMC Entertainment Inc.
(816) 221-4000 Ext.377
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