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|Bid||41.32 x 0|
|Ask||41.60 x 0|
|Day's Range||39.00 - 43.29|
|52 Week Range||18.29 - 235.20|
|Beta (5Y Monthly)||2.11|
|PE Ratio (TTM)||3.18|
|Earnings Date||Sep 24, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr 09, 2020|
|1y Target Est||4.36|
The cinema chain warns it may need to raise more money in the event of further coronavirus restrictions.
The British company, for which the United States is the largest market, said it was in talks with lenders to avoid an impending loan default, and flagged risks to its ability to continue as a 'going concern' as studios delay major releases and people stay away from theatres. "If governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity," the company said. Cineworld shares were down 17.5% at 42.3 pence by 0713 GMT.
A sell-off in global risk assets drove European equities to near three-month lows on Thursday, as the absence of fresh stimulus for the U.S. economy and a second wave of coronavirus cases raised fears of a slowing global recovery. The pan-European STOXX 600 index fell 1.0% by 0711 GMT, hitting its lowest since June 26, while bourses in Frankfurt, London and Paris were down between 0.6% and 1.0%. Wall Street indexes suffered sharp losses overnight, led by technology stocks after U.S. Federal Reserve officials called on more government aid from the Congress, while reinforcing their stance of loose monetary policy.
Fathom Events and ReelWorks Studios announce the exclusive re-release of THE TRUMP PROPHECY in select cinemas nationwide for a one-night event Thursday, October 8 at 7 p.m. local time. Based partially on The Trump Prophecies by Mark Taylor and Mary Colbert, the film chronicles Taylor's journey from his traumatic work as a firefighter through the evening of the 2016 election. The film's remarkable story of healing is a reminder that God cares for our world today and will bring healing to our land as He has promised.
Christopher Nolan's thriller "Tenet" finally arrives in U.S. movie theaters this weekend, hoping to revive movie going after a pandemic-induced closure of indoor theaters and a dearth of new content. Hollywood breathed a sigh of relief last weekend when "Tenet" brought in a solid $53.6 million in Europe and other markets, suggesting that audiences are hungry for new content and prepared to put up with social distancing and masks to see them on big indoor screens. The Warner Bros. movie, starring John David Washington and costing a reported $200 million to make, will be the first big budget release from a Hollywood studio since the coronavirus shuttered theaters in March.
(Bloomberg) -- The head of Cineworld Group Plc is counting on a busy weekend at its U.S. movie theaters after Christopher Nolan blockbuster ‘Tenet’ hauled in $53.6 million on its overseas debut. The world’s second-largest cinema operator has lost almost three quarters of its market value this year and was forced to renegotiate lending covenants with banks after revenue was completely choked off by lockdowns. Nolan’s time-bending thriller is one of the biggest releases since theaters in Europe and the U.S. began to reopen. Opening sales will gauge if the pandemic has caused a permanent shift in viewing habits from the big screen to home streaming. The “amazing result” for ‘Tenet’ bodes well for the film’s U.S. debut this weekend, Chief Executive Officer Mooky Greidinger told Bloomberg TV. He said the company will be “back in full force” by next summer, by when a coronavirus vaccine will have been found.“But we are ready if this does not happen,” he added. Cineworld shares rose last month after a company chaired by Chinese businessman Liu Zaiwang acquired a 4.49% stake, fueling speculation of a potential deal to take Cineworld private. “We have no plans from our side, or from the family’s side, to take the company private,” said Greidinger, referring to his own family, which owns the biggest stake in Cineworld.He said it’s well-placed to deal with a second wave of the virus and there are other possible sources of funding if the company were forced to close cinemas again. The other big threat comes from studios bypassing movie theaters and sending their blockbusters straight to streaming platforms, or shortening the period when a film can only be seen on the big screen. Walt Disney Co. plans to take its newest release, ‘Mulan,’ direct to its own streaming service.Greidinger said he doesn’t see other movies following suit, and the likes of ‘Tenet,’ ‘Mulan’ and the ‘James Bond’ franchise were designed for theatrical release. “I’m sure Mulan will do well in the territories that are offering it theatrically, including China, which is the natural home of Mulan,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
WHEN WE LAST SPOKE will debut in select cinemas nationwide for an exclusive two night showing Tuesday, October 27 and Thursday, October 29 at 7 p.m. local time. A heartwarming tale of family, friendship and forgiveness, WHEN WE LAST SPOKE follows the lovable and nutty Cranbourne family on a journey through the ups and downs of their unexpected situation. Cast includes Corbin Bernsen ("Psych," "L.A. Law"), Melissa Gilbert ("Little House on the Prairie"), Darby Camp ("Big Little Lies," THE CHRISTMAS CHRONICLES), Chandler Head (THE GLASS CASTLE) and Academy Award-winning actress Cloris Leachman (I CAN ONLY IMAGINE, THE LAST PICTURE SHOW).
There may be hope for movie theaters yet after Regal Cinemas parent Cineworld Group (OTC: CNNW.F) said it is experiencing "many shows that were sold out," albeit in accordance with social distancing guidelines. CEO Mooky Greidinger told CNBC's Closing Bell this morning that "people really missed the cinemas and wanted to go back into the big screen." The industry was devastated when the coronavirus pandemic closed theaters for five months.
(Bloomberg Opinion) -- Movie theaters are starting to open their doors again, but they probably won’t find many patrons lining up for tickets as Covid-19 fears continue to weigh on consumer decisions.On Thursday, AMC Entertainment Inc. will reopen 170 of its theaters around the country, including in cities such as Atlanta, Chicago, Dallas, Denver, Indianapolis, Miami, Nashville, Philadelphia and St. Louis. That’s in addition to 115 other AMC cinemas that resumed operations last week. The company has a goal of getting two-thirds of its 600-theater circuit up and running in time for Warner Bros.’ Sept. 3 release of “Tenet,” a spy film directed by Christopher Nolan that was originally scheduled to have its box-office premiere in mid-July. Regal, a subsidiary of London-based Cineworld Group Plc, and Cinemark Holdings Inc. are also reopening the majority of their U.S. theaters timed to the “Tenet” premiere.Bringing back cinemas isn’t just about being able to go see a movie again. Their reopening symbolizes a greater return to normalcy — the ability to venture back out unafraid. But a sense that it’s safe to do so and that the virus is under control needs to come first. In a Morning Consult poll of 2,200 U.S. adults conducted in early August, 74% said they were unlikely to visit a movie theater in the next month; 60% of respondents who are considered frequent moviegoers said the same. About a third prefer to stream “Tenet” from home, while 13% said they would be willing to pay for an at-home digital rental.Morning Consult also found that about half of its poll takers think Hollywood should delay all August and September theatrical releases. Of those, 54% said 2020 premieres should be postponed until next year. This is further evidence that virus fears themselves — not just state orders curtailing certain activities — are what’s hurting American businesses and the economy. (Read my Bloomberg Opinion colleague Noah Smith’s June column, “Fear of Infection Hurt the Economy More Than Lockdowns.”)AMC got this wrong once before when it said initially that it wouldn’t require theatergoers to wear masks when they returned. Chief Executive Officer Adam Aron said it was because the company didn’t “want to be drawn into a political controversy” over masks. That thinking backfired because requiring face coverings not only makes customers safer, it makes them feel safer, raising the likelihood that they will venture back out to busy public destinations such as theaters. After the backlash, AMC reversed course and will require everyone to wear masks. The chain and its rivals have detailed other safety measures, such as limiting the number of tickets sold, blocking off seats, enhanced cleaning procedures and upgraded air filters. Regal’s website also states that any ticket holder experiencing Covid-19 symptoms may request a refund online. Despite the industry’s efforts, most consumers may not be ready just yet to sit back and relax in a cinema recliner.Other movie fans may consider some films worth it. For example, survey opinions were split over what to do with Walt Disney Co.’s “Mulan,” with almost as many people saying they’d prefer to see it in theaters as stream it on the Disney+ app. It’s perhaps reflective of both the power of Disney’s blockbuster films over the box office and the company’s need to keep those ties strong even as it goes all in on streaming. Disney ultimately decided to make “Mulan” available Sept. 4 exclusively to Disney+ subscribers, who will have to pay a $30 viewing fee on top of the app’s regular $7 monthly subscription price. (Comcast Corp.’s Universal has taken things further by cutting the time any of its movies remain exclusive at AMC to just 17 days.)Apprehension about returning to theaters shows that just because businesses reopen doesn’t mean customers will show up. Mitigating the virus is still the key to restoring the economy.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The hopes of Hollywood were riding on the opening of "Tenet" on Wednesday as the Christopher Nolan spy thriller tests the appetite of movie fans to return to cinemas and rescue an industry hammered by the COVID-19 pandemic. The biggest release since schedules were torn up in March - and the only one of 2020's potential summer blockbusters to make it to the screen in the holiday season - "Tenet" launched in 70 countries on Wednesday ahead of the United States next week. The actor Tom Cruise, whose "Top Gun: Maverick" was pulled from a release earlier this summer, donned a face mask to attend a preview showing of "Tenet" in London.
Sector(s): Communication Services
Full Time Employees: 30,000
Cineworld Group plc engages in the cinema business. It is also involved in financing, retail, cinema property leasing, property, software development and provision, ticket booking, film distribution, advertising, general partner, and gift promotion activities. The company operates its cinema sites under the Regal, United Artists, Edwards theatres, Cineworld, Picturehouse, Cinema City, Yes Planet, and Rav-Chen brands. As of December 31, 2019, it operated 9,500 screens in 787 sites in the United States, the United Kingdom, Ireland, Poland, Israel, Hungary, Romania, the Czech Republic, Bulgaria, and Slovakia. The company was founded in 1995 and is headquartered in Brentford, the United Kingdom.