Entertainment News Roundup: AMC falls after Cineworld's bankruptcy warning on day 'APE' starts trading; Explainer-How meme stock darling AMC's new preferred shares work and more

Following is a summary of current entertainment news briefs. AMC falls after Cineworld's bankruptcy warning on day 'APE' starts trading AMC Entertainment Holdings' shares tumbled nearly 30% on Monday after UK-based Cineworld's warning of a possible bankruptcy spooked investors on the same day the American cinema chain's preferred stock listing began trading.

Following is a summary of current entertainment news briefs.

AMC falls after Cineworld's bankruptcy warning on day 'APE' starts trading

AMC Entertainment Holdings' shares tumbled nearly 30% on Monday after UK-based Cineworld's warning of a possible bankruptcy spooked investors on the same day the American cinema chain's preferred stock listing began trading. AMC's preferred stock, trading under the ticker "APE", opened at $6.95 on the New York Stock Exchange on Monday. The shares, intended as dividend, will have the same voting rights as common stock and could be used for raising capital in the future, the company said.

Explainer-How meme stock darling AMC's new preferred shares work

AMC Entertainment Holdings Inc, the movie theater operator that investors have turned into a meme stock, completed the listing of its new preferred shares on Monday, setting the stage for a potential capital raise. The novel move allows AMC to sell potentially billions of dollars worth of shares without requiring approval from its shareholders, as it seeks to capitalize on the popularity of meme stocks - shares traded mostly based on social media hype rather than their economic fundamentals.

Cinemas under spotlight as Cineworld stares at possible bankruptcy

The potential bankruptcy of world No.2 cinema operator Cineworld is shining a spotlight on the wider industry as it struggles to recover from the pandemic and compete with the growing popularity of streaming. Debt-laden Cineworld, which owns the Regal chain in the United States and runs theatres in nine other countries, said last week a lack of blockbusters was keeping movie-goers away and impacting its cash flows.

Soccer-Ipswich unveil Ed Sheeran-designed third kit

Singer Ed Sheeran has collaborated with League One club Ipswich Town on the design for their new "blackout" third kit. The kit, released on Tuesday, incorporates tonal versions of the graphic found on the cover of Sheeran's album "Equals", which was released last year.

'House of Dragon' premiere draws nearly 10 million viewers

The premiere of "House of the Dragon" drew nearly 10 million viewers on Sunday on television and the HBO Max streaming service, the largest audience for any new original series in the history of the network, HBO reported. Anticipation for the series, set 200 years before HBO's "Game of Thrones," fanned conversation on social media, where "House of Dragon" remained a top trending topic on Twitter for 14 hours, HBO said on Monday.