AMC exits Saudi Arabia after falling behind local competitors

AMC Entertainment Holdings Inc $AMC Entertainment(AMC.US)$ said Tuesday it will exit its equity partnership in Saudi Arabia, leaving a market that was once considered the world's last frontier for the film industry but has proved difficult to dominate.

Saudi Entertainment Ventures, a subsidiary of the Saudi sovereign wealth fund, and the U.S. movie theater chain will take full control by acquiring AMC Entertainment's stake in the joint venture between the two companies, according to a joint statement from the subsidiary. The Saudi company will take over AMC Entertainment's operations in Saudi Arabia and franchise it.