- MoviePass decided to pull its service from several AMC theaters on Friday.
- Shares of its parent company, Helios and Matheson, dropped after the news.
Helios and Matheson Information Technology, perhaps best known for its majority stake in MoviePass, is slipping after MoviePass announced it would be pulling its service from several AMC theaters.
Shares of Helios and Matheson are down 3.58% to $8.61 after the reports. AMC was also down about 3.04% on Friday.
In what is only the latest blow in an ongoing battle with the movie theater chain, MoviePass decided to pull its service from 10 AMC-run theaters without prior notice to the company or its customers.
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In a statement to Markets Insider, Ted Farnsworth, CEO of Helios and Matheson, claimed that MoviePass currently represents 62% of AMC's operating income, not including concession sales. Including concessions, Farnsworth said MoviePass customers could represent as much as $203.4 million of annual revenue for AMC.
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