Shares of telecommunications companies were slightly higher.
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Movie-theater chain AMC said the company wouldn't support subscription service MoviePass, which Tuesday said it would cut the monthly subscription price to $10 to see movies as often as once a day. AMC said it is concerned that MoviePass's new pricing undervalues moviegoing and is "unsustainable" for the film industry. Executives at MoviePass said their service would be good for the theater chains and claimed that AMC rivals Regal Entertainment Group and Cinemark Holdings supported their approach.
China's Tencent Holdings, Baidu and Alibaba Group are among the companies in a state-encouraged consortium pumping $11.7 billion into state-owned telecommunications giant China Unicom (Hong Kong) Ltd.
-By Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 16, 2017 17:35 ET (21:35 GMT)