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AMC Expresses ‘Substantial Doubt’ About its Chain’s Survival

AMC Theatres told its investors that “substantial doubt exists about our ability to continue as a going concern for a reasonable period of time.” In a new 8-K filing, ahead of its earning call next week, the company described how it is trying to survive but also stressed how badly the coronavirus pandemic is eroding its financial stability. The movie theater chain had $5 billion in debt by the end of 2019 and continues to borrow more. Adding to its woes is the worry that distributors will postpone new film releases. Read more

Zoom Clarifies its Relationship with Law Enforcement and FBI

Zoom founder and chief executive Eric Yuan said his company will assist the FBI and law enforcement by providing end-to-end encryption only to paying customers, but not for the majority of those who use its free version, “in case some people use Zoom for a bad purpose.” During widespread U.S. protests over the death of George Floyd, Yuan’s comments did not go over well, with some users threatening to switch to rival services. But his words were misinterpreted and taken out of context. “We plan to provide end-to-end encryption to users for whom we can verify identity, thereby limiting harm to vulnerable groups,” explained Yuan. Read more

Pinterest Adds Today Tab for Topics, Shop Tab for Products

Pinterest, the website and mobile app that describes itself as a “visual discovery engine,” showcased “Today,” a tab on the user’s Pinterest home page that features topics and ideas curated by Pinterest staff and trending pins selected by algorithms. “Today” is a response to changing customer behavior during the coronavirus pandemic. The platform’s global monthly active users reached 367+ million, up from about 300 million last September. During the last few months, searches and boards have both leapt up 60 percent compared to last year. Read more

Executive Spotlight: A Talk with Lance Podell of Iron Mountain Entertainment Services

For the latest installment in ETC’s Executive Spotlight series, we had a fascinating conversation with Lance Podell, senior vice president and general manager of Iron Mountain Entertainment Services (IMES), a leader in media archiving for the entertainment industry. IMES steers its film, music, broadcast and sports clients in media preservation, restoration and distribution. During the COVID-19 pandemic, Podell’s group has focused on safety and remote productivity while developing innovative methods for protecting assets and serving as an extension of its clients’ businesses. Iron Mountain has also created a “digital studio in a box” so that projects can stay on track during this challenging time. Read more

President Orders Investigation of Foreign Taxes on U.S. Firms

The Trump administration stated that it will open an investigation into digital taxes levied by foreign governments on American commerce. U.S. technology companies such as eBay and Google, among others, are most likely to be impacted. U.S. Trade Representative Robert Lighthizer will conduct the investigation into the European Union as well as Austria, Brazil, Britain, the Czech Republic, India, Indonesia, Italy, Spain and Turkey.  The investigation takes place amid ongoing global negotiations for a consensus solution. Read more

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