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Cineworld

May 01, 2023

Cineworld Group plc is a British cinema operator headquartered in London, England. It is the world's second-largest cinema chain (after AMC Theatres), with 9,518 screens across 790 sites[2] in 10 countries:[3] Bulgaria, Czech Republic, Hungary, Ireland, Israel, Poland, Romania, Slovakia, the United Kingdom and the United States.[2][4] The group's primary brands are Cineworld and Picturehouse in the United Kingdom and Ireland, Cinema City in Eastern and Central Europe, Planet in Israel, and Regal Cinemas in the United States.

Cineworld Group plc
TypePublic limited company
IndustryEntertainment
Founded1995; 28 years ago (1995)
HeadquartersLondon, England, UK
Key people
Revenue £1,804.9 million (2021)[1]
£15.8 million (2021)[1]
£(565.8) million (2021)[1]
Subsidiaries
Websitewww.cineworldplc.com

As of March 2018, Cineworld was the leading cinema operator in the UK by box office market share (based on revenue).[5] It operated, at that time, 99 cinemas and over 1,017 screens,[6] including Cineworld Dublin—Ireland's single largest multiplex by screens and customer base.[7] Cineworld Glasgow Renfrew Street is the tallest cinema in the world and the busiest, by customer base, in the UK.[8] It is listed on the London Stock Exchange.

In October 2020, Cineworld temporarily closed its cinemas in the UK, Ireland, and the United States, citing the delay of tentpole films due to the impact of the COVID-19 pandemic on cinema. The cinemas reopened in May 2021. On 7 September 2022, Cineworld filed for Chapter 11 bankruptcy in the United States.[9]

In April 2023, Cineworld announced that it plans to secure funding of $2.26 billion and that it had entered into an agreement with its creditors to restructure its debt and come up with strategies to exit bankruptcy.[10]

History

 
Cineworld in Glasgow, Scotland. The world's tallest cinema
 
Cineworld at Dalton Park, near Seaham, England
 
Cineworld in Middlesbrough, England
 
Cineworld Telford

Cineworld was founded by Steve Wiener in 1995.[11][12] The first Cineworld cinema opened in Stevenage, Hertfordshire in July 1996.[13] A second cinema opened in Wakefield, West Yorkshire, in December 1996 and the third opened in Feltham, London in July 1997.[14] In 2004, Cineworld was acquired by Blackstone private equity group for £120m.[11] The following year, Cineworld acquired the UK and Ireland operations of French cinema company UGC.[15]

In December 2012, Cineworld acquired the Picturehouse Cinema chain, adding 21 cinemas to its portfolio, including The Little Theatre in Bath, Brighton's Duke of York's cinema, the Cameo, Edinburgh, the Phoenix in Oxford and the Ritzy Cinema in Brixton.[16]

The Blackstone Group, which had invested in Cineworld when it was privately owned, sold its entire remaining 20% shareholding in November 2010.[17] In August 2013, The Guardian revealed that Cineworld employs 80% of its 4,300 staff on zero hour contracts.[18] In October 2013, the Chester location was closed due to the landowner wanting to develop the land into a supermarket.[19]

In 2014, Cineworld's Picturehouse chain was subject to industrial action owing to its refusal to pay the London living wage to its staff. The workforce attracted the support of Eric Cantona.[20] On 27 February 2014, Cineworld completed the takeover of Cinema City International N.V.[21] As of March 2015, the Greidinger family (who owned a controlling 54% stake in Cinema City International) held a controlling bloc as the largest shareholders in the enlarged company.[22] In May 2014, Mooky Greidinger joined the board of directors as CEO, having previously been CEO of Cinema City International.[23]

In 2015, Picturehouse unveiled their new West End flagship site, ‘Picturehouse Central’,[24] a 1,000-seat seven-screen cinema on Shaftesbury Avenue near Piccadilly Circus in central London. In August 2016, Cineworld acquired six cinemas[25] from Empire Cinemas, including the Empire Theatre in London's West End, and 4 other locations in Basildon, Poole, Bromley and Hemel Hempstead. Empire Newcastle was also acquired by Cineworld the following year.[26]

In November 2017, Cineworld began merger talks with the US cinema chain Regal Cinemas.[27] On 5 December, it was officially announced that Cineworld would buy Regal for US$3.6 billion (£2.7 billion), creating the world's second largest cinema group. It would also allow Cineworld access to the US market, the largest in the world.[28][29] The acquisition was completed in 2018.[4] In March 2019, Cineworld and Eagle Pictures invested in Spyglass Media Group.[30]

On 16 December 2019, Cineworld announced its proposed acquisition of Cineplex Entertainment—Canada's largest cinema chain—for approximately US$2.1 billion. Cineworld planned to integrate its operations with Regal to achieve cost and revenue synergies, and maintain the Cineplex branding for the Canadian operations. This would have made it North America's largest cinema chain.[31] The deal was approved by shareholders in February 2020.[32] On 12 June 2020, however, Cineworld would terminate the purchase agreement due to alleged "material adverse effect and breaches" by Cineplex. The company subsequently sued Cineworld over the aborted purchase.[33][34] In December 2021, the Ontario Superior Court of Justice ordered Cineworld to pay damages of C$1.23 billion for pulling out of the acquisition of Cineplex. This decision caused the Cineworld share price to fall by nearly 30% overnight on the London Stock Exchange.[35] Cineworld said it would appeal the decision.[35]

In April 2023, Cineworld's stock price plummeted by 30% due to their plan to discontinue the sale of their business in the UK, US, and Ireland. This decision was made because of the company's inability to find a buyer. Cineworld said it was also open to offers for the purchase of its business in regions other than the aforementioned areas. It announced that it plans to secure a funding of $2.26 billion and that it had entered into an agreement with its creditors to restructure its debt and come up with strategies to exit bankruptcy.[10]

Closure during the COVID-19 pandemic

See also: Impact of the COVID-19 pandemic on cinema

On 17 March 2020, Cineworld and all other cinema companies in the UK temporarily closed all their UK cinemas due to the ongoing COVID-19 pandemic.[36] Some 800 staff at Cineworld Group PLC wrote to Chief Executive Moshe Greidinger requesting their jobs back after many were made redundant "with immediate effect". Employees with over three years of service were told they would be retained with 40% of their salary or average pay. The letter said the move would leave many of the affected unable to afford essentials such as housing and food.[37][38] In late May 2020, Cineworld announced it planned to reopen all its UK cinemas in July.[39] On 14 August 2020, it announced a new reopening schedule, in which their Welsh cinemas would open on 14 August, whereas their Irish, Scottish and Jersey screens would open on 26 August. Their English cinemas had been open since 31 July.[40]

In May 2020, Alicja Kornasiewicz became chair, having been a non-executive director since May 2015.[23] On 5 October 2020, Cineworld announced the indefinite re-closure of all owned cinemas in the UK, Ireland, and United States from 8 October, citing the delay of major tentpole Hollywood films due to the wider impact of the COVID-19 pandemic on cinema, and its continued inability to reopen cinemas in the key U.S. market of New York (which CEO Mooky Greidinger cited as having resulted in the delays). The decision followed the delay of the James Bond film No Time to Die from November 2020 to 2 April 2021. Greidinger said the delay was the "last straw" for Cineworld following a string of other film delays and cancellations.[41] Cineworld said that its decision would affect 45,000 workers, 5,500 of them in the UK, and 20,000 in the US.[42][43][44] Later that month, it hired FTI Consulting, Houlihan Lokey, and AlixPartners to help refinance the company's $8 billion debt.[45]

Greidinger said that Cineworld would reopen the cinemas once there was a "solid lineup of releases" ahead. He also said that its Central European operations would remain active on a case-by-case basis, as they have a stronger dependency on domestic productions than Hollywood productions.[42] Cineworld cinemas reopened in May 2021.[46]

Bankruptcy

The release of No Time to Die in October 2021 took Cineworld revenues in UK and Ireland to 127% of 2019 levels.[47] In December, Cineworld's global revenue reached 88% of 2019 levels. Cineworld credited this to the success of Spider-Man: No Way Home, the only film to have made more than $1.5 billion globally since the pandemic began.[47]

Before the pandemic, Cineworld had a share price of £1.97, which had fallen to 20p by mid-August 2022.[48] That August, the Wall Street Journal reported that Cineworld was considering filing insolvency proceedings in the UK after struggling to rebuild attendance and incurring debts of more than $4.8 billion (£4 billion) following the pandemic.[49] On September 7, 2022, Cineworld filed for Chapter 11 bankruptcy.[9]

Cinemas

Across the Cineworld estate there are seven different ways in which their customers can watch a movie: 2D, 3D, 4DX,[50] Superscreen,[51] IMAX, VIP, and ScreenX. Prices are set according to the format the customer chooses, and not the movie they choose. As of April 2018, across the European estate there are 38 4DX screens, 35 IMAX screens and 12 VIP auditoriums.[6] Out of 45 cinemas[52] in the world that are fitted with IMAX with Laser projection systems, two are in the UK, both belonging to Cineworld, located in Leicester Square[53] and Sheffield.[54] In April 2018, IMAX And Cineworld Group signed an agreement to install 55 new IMAX with Laser experience in Cineworld and Regal IMAX locations.[55]

In 2012, Cineworld began a trial of a premium service, the Screening Rooms. Located next to the Cheltenham cinema, The Screening Rooms offers considerably larger, leather seating, premium food, and 'table' service.[56][57] The Screening Rooms was later converted into an extended Cineworld in Cheltenham when it was refurbished to become the second Cineworld in the country to offer the new premium VIP format. Sheffield was the first to offer it.[58]

Cineworld was the only cinema chain in the United Kingdom to forbid customers bringing food and drink bought elsewhere into the cinema.[59][57] In November 2012, the policy was changed and now states that "neither alcohol nor hot food may be brought onto the premises".[60] In early 2014, Cineworld introduced an allocated seating system, starting as a trial in selected sites including Wembley and rolling out to all their cinemas by the summer.[61] The move was controversial and a Twitter campaign was created against this policy.[62] Cineworld have responded to the criticism stating that it gives customers peace of mind along with other benefits.[63]

In 2017, the company opened nine new cinema locations with a total of 109 screens; four of which were in the UK and five in the rest of Europe. A further 75 screens were scheduled to open in 2018 in addition.[6] Throughout 2018, the company opened 13 new locations with 108 screens in total, six in the United States, six in the United Kingdom and one in Romania.[4]

References

  1. ^ a b c "Annual Results for year ended 31 December 2021" (PDF). Cineworld. Retrieved 17 March 2022.
  2. ^ a b Kemp, Kenny (16 January 2019). "Cineworld enjoys record audience figures as blockbusters pull in public". businessInsider. Retrieved 20 July 2019.
  3. ^ "Cineworld to buy Regal cinemas in blockbuster deal". bbc.co.uk/. BBC.
  4. ^ a b c Tartaglione, Nancy (2 April 2019). "Cineworld Chief Mooky Greidinger On Regal, Windows, 'The Irishman' & Unlimited International Potential – CinemaCon Q&A". Deadline. Retrieved 20 July 2019.
  5. ^ "Cineworld reports surge in revenue thanks to films like Beauty and the Beast and Dunkirk". The Independent. 15 March 2018. Retrieved 21 May 2018.
  6. ^ a b c "Cineworld Group plc Annual Report and Accounts 2017" (PDF). Cineworld PLC.[permanent dead link]
  7. ^ "€24 million for largest cinema in Ireland". The Irish Times. Retrieved 21 May 2018.
  8. ^ "Cineworld and its founder: nine things you did not know". cineworldplc.com. Archived from the original on 12 January 2022. Retrieved 26 March 2015.
  9. ^ a b Goldsmith, Jill; Tartaglione, Nancy (7 September 2022). "Regal Parent Cineworld Files For Bankruptcy". Deadline.
  10. ^ a b "Cineworld drops sale of UK and US businesses after failing to find buyer". BBC. 3 April 2023. Retrieved 4 April 2023.
  11. ^ a b "Cineworld founder Steve Wiener leaves to 'enjoy fruits' of cinema operator's success". 20 November 2013. Archived from the original on 12 January 2022. Retrieved 16 April 2017.
  12. ^ "Cineworld founder and CEO Steve Wiener to leave after 18 years". Reuters. 20 November 2013. Retrieved 10 January 2020.
  13. ^ Geoffrey Macnab (12 April 2018). Stairways to Heaven: Rebuilding the British Film Industry. Bloomsbury Publishing. pp. 278–279. ISBN 978-1-78673-409-9.
  14. ^ Allen Eyles; Keith Skone (2002). Cinemas of Hertfordshire. Univ of Hertfordshire Press. p. 109. ISBN 978-0-9542189-0-4.
  15. ^ "Cineworld clear to buy exhib UGC". Variety. 28 October 2005. Retrieved 16 April 2017.
  16. ^ "Cineworld buys Picturehouse". The Guardian. 6 December 2012. Retrieved 16 March 2019.
  17. ^ "Blackstone closes the curtains on its interests in Cineworld". The Times. Retrieved 16 April 2017.
  18. ^ Simon Neville (9 August 2013). "Curzon and Everyman cinema staff on zero-hours contracts | Film". The Guardian. Retrieved 25 June 2014.
  19. ^ "Chester's only remaining cinema to close next month". Chester Chronicle. 22 September 2013. Retrieved 16 April 2017.
  20. ^ Spanier, Gideon (11 June 2014). "Backers pile pay pressure on Cineworld over Brixton Ritzy row". London Evening Standard. Retrieved 24 June 2014.
  21. ^ "UK group to merge with Cinema City International". Polskie Radio. Polskie Radio. 10 January 2014. Retrieved 10 January 2014. Under the terms of the deal, Cineworld will purchase about 100 multiplexes from CCI for 503 million pounds. However, CCI will maintain a 24.9 percent stake in the combined business.
  22. ^ "Israel's Mooky Greidinger Agrees To Sell Cinema City Chain of Movie Theatres To UK Based Cineworld For $923 Million in Cash And Stock". Jewish Business News. Retrieved 26 March 2015.
  23. ^ a b "Our Board". Cineworld. Retrieved 17 June 2020.
  24. ^ "Picturehouse to launch new West End cinema". Screen Daily.
  25. ^ "Cineworld completes $124m deal for five Empire cinemas". Screen Daily.
  26. ^ "IT'S A WRAP". Empire Cinemas.
  27. ^ McNary, Dave (28 November 2017). "Regal Entertainment Group in Merger Talks With Cineworld". Variety. Retrieved 28 November 2017.
  28. ^ "Leading film markets worldwide in 2017, by gross box office revenue (in billions U.S. dollars)". Statista.
  29. ^ "Cineworld to buy Regal cinemas in blockbuster deal". BBC News. 5 December 2017. Retrieved 5 December 2017.
  30. ^ Kay, Jeremy (13 March 2019). "Cineworld, Eagle Pictures strategic partners in Spyglass Media Group venture". Screen. Retrieved 26 April 2019.
  31. ^ "Regal Owner Cineworld to Acquire Canada's Cineplex for $2.1 Billion". The Hollywood Reporter. 15 December 2019. Retrieved 16 December 2019.
  32. ^ "Cineworld's $2.8B takeover of Cineplex may lead to job losses". Toronto Star. 10 February 2019. Retrieved 14 February 2020.
  33. ^ Cineworld says it's terminating $2.8B takeover of Canada's Cineplex Social Sharing U.K. cinema operator cites 'certain breaches' of acquisition deal with theatre chain
  34. ^ "Canada's Cineplex Sues Regal Cinemas Owner Cineworld Over Aborted Acquisition Deal". Variety. 6 July 2020. Retrieved 19 July 2020.
  35. ^ a b Walsh, Dominic. "Cineworld reels from £720m damages award over Cineplex deal". The Times. ISSN 0140-0460. Retrieved 16 December 2021.
  36. ^ "Coronavirus: Odeon, Vue and Cineworld shut UK cinemas". BBC News. 17 March 2020. Retrieved 30 May 2020.
  37. ^ "Protests at UK cinemas' treatment of staff after coronavirus shutdown". TheGuardian.com. 23 March 2020. Retrieved 25 March 2020.
  38. ^ "Cineworld Staff Demand Jobs Back Following Covid-19 Layoffs". Morning Star. 23 March 2020. Retrieved 25 March 2020.
  39. ^ Sweney, Mark (28 May 2020). "Cineworld plans to reopen all UK cinemas in July". The Guardian. Retrieved 30 May 2020.
  40. ^ "Cineworld are Reopening 31st July | Cineworld cinemas". www.cineworld.co.uk. Retrieved 18 August 2020.
  41. ^ Tartaglione, Nancy (5 October 2020). "Cineworld Boss Mooky Greidinger Says Decision To Close U.S. & UK Cinemas Was Spurred By NY Governor Andrew Cuomo's "Inflexibility"". Deadline Hollywood. from the original on 23 November 2020. Retrieved 8 October 2020.
  42. ^ a b Tartaglione, Nancy (5 October 2020). "Cineworld Boss Mooky Greidinger Says Decision To Close U.S. & UK Cinemas Was Spurred By NY Governor Andrew Cuomo's "Inflexibility"". Deadline. Retrieved 5 October 2020.
  43. ^ Hancock, Alice (5 October 2020). "Cineworld shares plunge as chain shuts all UK and US screens". Financial Times. Retrieved 5 October 2020.
  44. ^ "Cineworld to close all sites in UK and Ireland". The Irish Times. Retrieved 6 October 2020.
  45. ^ "Cineworld screens AlixPartners for talks on $8bn debt pile". Sky News. Retrieved 12 October 2021.
  46. ^ "Cineworld re-opening: your must-see movies on the big screen". 12 May 2021. Retrieved 14 January 2021.
  47. ^ a b Sweney, Mark (14 January 2022). "Spider-Man drives Cineworld revenues to near pre-pandemic levels". The Guardian. from the original on 14 January 2022. Retrieved 14 January 2022.
  48. ^ "Cineworld preparing to file for bankruptcy after pandemic rout". The Guardian. 19 August 2022. Retrieved 19 August 2022.
  49. ^ Gladstone, Alexander (19 August 2022). "Regal Cinemas Owner Cineworld Prepares for Bankruptcy Filing". Wall Street Journal. ISSN 0099-9660. Retrieved 19 August 2022.
  50. ^ Sharp, Jasper (21 June 2012). "4DX: Here come the feelies". Sight & Sound Magazine. British Film Institute. Retrieved 12 January 2013.
  51. ^ "Cineworld unveils new Superscreen in time for Star Wars: The Last Jedi". Coventry Live. 7 December 2017.
  52. ^ . LF Examiner. Cinergetics LLC. Archived from the original on 11 February 2005. Retrieved 25 July 2018.
  53. ^ "IMAX launches laser projection system in UK – and it looks spectacular". What Hi-Fi. 2 October 2015.
  54. ^ "VIDEO: Cineworld Sheffield to introduce new IMAX laser technology". The Star.
  55. ^ "IMAX And Cineworld Group Sign Agreement To Install New IMAX® With Laser Experience In 55 Cineworld And Regal IMAX Locations". Business Insider.
  56. ^ . This is Gloucestershire. Archived from the original on 22 October 2012. Retrieved 1 June 2012.
  57. ^ a b Sethi, Anita (20 February 2008). "My mission to beat the great cinema food rip-off". The Guardian. Retrieved 11 December 2016.
  58. ^ "Cineworld Cheltenham reveals brand new facilities following refurbishment". thelocalanswer.co.uk. 10 September 2019. Retrieved 12 June 2022.
  59. ^ . Archived from the original on 12 July 2011. Retrieved 9 July 2011. Can I bring in my own food and drink? – Cineworld have a strict no food and drink policy.
  60. ^ . Archived from the original on 3 December 2012. Retrieved 1 December 2012. 2.2 Alcohol and Food Policy: Neither alcohol nor hot food may be brought onto the premises. Only hot food bought on the premises may be consumed on the premises. Alcohol may only be purchased and consumed in Cineworld licensed bar areas or in licensed screens and licensing laws will be strictly enforced.
  61. ^ "Allocated seating is now available at your local Cineworld". Cineworld. Retrieved 26 March 2015.
  62. ^ "Allocated Seats Cine". twitter.com. Retrieved 26 March 2015.
  63. ^ "Allocated seating coming soon to Cineworld". Cineworld. Retrieved 26 March 2015.

External links

 
Wikimedia Commons has media related to Cineworld.
  • Cineworld Group plc

May 01, 2023
cineworld, group, british, cinema, operator, headquartered, london, england, world, second, largest, cinema, chain, after, theatres, with, screens, across, sites, countries, bulgaria, czech, republic, hungary, ireland, israel, poland, romania, slovakia, united. Cineworld Group plc is a British cinema operator headquartered in London England It is the world s second largest cinema chain after AMC Theatres with 9 518 screens across 790 sites 2 in 10 countries 3 Bulgaria Czech Republic Hungary Ireland Israel Poland Romania Slovakia the United Kingdom and the United States 2 4 The group s primary brands are Cineworld and Picturehouse in the United Kingdom and Ireland Cinema City in Eastern and Central Europe Planet in Israel and Regal Cinemas in the United States Cineworld Group plcTypePublic limited companyTraded asLSE CINEFTSE 250 componentIndustryEntertainmentFounded1995 28 years ago 1995 HeadquartersLondon England UKKey peopleAlicja Kornasiewicz Chairman Moshe Greidinger Chief Executive Israel Greidinger Deputy Chief Executive Revenue 1 804 9 million 2021 1 Operating income 15 8 million 2021 1 Net income 565 8 million 2021 1 SubsidiariesCineworld Cinemas Cinema City International Picturehouse Cinemas Digital Cinema Media 50 Regal CinemasWebsitewww wbr cineworldplc wbr comAs of March 2018 Cineworld was the leading cinema operator in the UK by box office market share based on revenue 5 It operated at that time 99 cinemas and over 1 017 screens 6 including Cineworld Dublin Ireland s single largest multiplex by screens and customer base 7 Cineworld Glasgow Renfrew Street is the tallest cinema in the world and the busiest by customer base in the UK 8 It is listed on the London Stock Exchange In October 2020 Cineworld temporarily closed its cinemas in the UK Ireland and the United States citing the delay of tentpole films due to the impact of the COVID 19 pandemic on cinema The cinemas reopened in May 2021 On 7 September 2022 Cineworld filed for Chapter 11 bankruptcy in the United States 9 In April 2023 Cineworld announced that it plans to secure funding of 2 26 billion and that it had entered into an agreement with its creditors to restructure its debt and come up with strategies to exit bankruptcy 10 Contents 1 History 1 1 Closure during the COVID 19 pandemic 1 2 Bankruptcy 2 Cinemas 3 References 4 External linksHistory Edit Cineworld in Glasgow Scotland The world s tallest cinema Cineworld at Dalton Park near Seaham England Cineworld in Middlesbrough England Cineworld Telford Cineworld was founded by Steve Wiener in 1995 11 12 The first Cineworld cinema opened in Stevenage Hertfordshire in July 1996 13 A second cinema opened in Wakefield West Yorkshire in December 1996 and the third opened in Feltham London in July 1997 14 In 2004 Cineworld was acquired by Blackstone private equity group for 120m 11 The following year Cineworld acquired the UK and Ireland operations of French cinema company UGC 15 In December 2012 Cineworld acquired the Picturehouse Cinema chain adding 21 cinemas to its portfolio including The Little Theatre in Bath Brighton s Duke of York s cinema the Cameo Edinburgh the Phoenix in Oxford and the Ritzy Cinema in Brixton 16 The Blackstone Group which had invested in Cineworld when it was privately owned sold its entire remaining 20 shareholding in November 2010 17 In August 2013 The Guardian revealed that Cineworld employs 80 of its 4 300 staff on zero hour contracts 18 In October 2013 the Chester location was closed due to the landowner wanting to develop the land into a supermarket 19 In 2014 Cineworld s Picturehouse chain was subject to industrial action owing to its refusal to pay the London living wage to its staff The workforce attracted the support of Eric Cantona 20 On 27 February 2014 Cineworld completed the takeover of Cinema City International N V 21 As of March 2015 the Greidinger family who owned a controlling 54 stake in Cinema City International held a controlling bloc as the largest shareholders in the enlarged company 22 In May 2014 Mooky Greidinger joined the board of directors as CEO having previously been CEO of Cinema City International 23 In 2015 Picturehouse unveiled their new West End flagship site Picturehouse Central 24 a 1 000 seat seven screen cinema on Shaftesbury Avenue near Piccadilly Circus in central London In August 2016 Cineworld acquired six cinemas 25 from Empire Cinemas including the Empire Theatre in London s West End and 4 other locations in Basildon Poole Bromley and Hemel Hempstead Empire Newcastle was also acquired by Cineworld the following year 26 In November 2017 Cineworld began merger talks with the US cinema chain Regal Cinemas 27 On 5 December it was officially announced that Cineworld would buy Regal for US 3 6 billion 2 7 billion creating the world s second largest cinema group It would also allow Cineworld access to the US market the largest in the world 28 29 The acquisition was completed in 2018 4 In March 2019 Cineworld and Eagle Pictures invested in Spyglass Media Group 30 On 16 December 2019 Cineworld announced its proposed acquisition of Cineplex Entertainment Canada s largest cinema chain for approximately US 2 1 billion Cineworld planned to integrate its operations with Regal to achieve cost and revenue synergies and maintain the Cineplex branding for the Canadian operations This would have made it North America s largest cinema chain 31 The deal was approved by shareholders in February 2020 32 On 12 June 2020 however Cineworld would terminate the purchase agreement due to alleged material adverse effect and breaches by Cineplex The company subsequently sued Cineworld over the aborted purchase 33 34 In December 2021 the Ontario Superior Court of Justice ordered Cineworld to pay damages of C 1 23 billion for pulling out of the acquisition of Cineplex This decision caused the Cineworld share price to fall by nearly 30 overnight on the London Stock Exchange 35 Cineworld said it would appeal the decision 35 In April 2023 Cineworld s stock price plummeted by 30 due to their plan to discontinue the sale of their business in the UK US and Ireland This decision was made because of the company s inability to find a buyer Cineworld said it was also open to offers for the purchase of its business in regions other than the aforementioned areas It announced that it plans to secure a funding of 2 26 billion and that it had entered into an agreement with its creditors to restructure its debt and come up with strategies to exit bankruptcy 10 Closure during the COVID 19 pandemic Edit See also Impact of the COVID 19 pandemic on cinema On 17 March 2020 Cineworld and all other cinema companies in the UK temporarily closed all their UK cinemas due to the ongoing COVID 19 pandemic 36 Some 800 staff at Cineworld Group PLC wrote to Chief Executive Moshe Greidinger requesting their jobs back after many were made redundant with immediate effect Employees with over three years of service were told they would be retained with 40 of their salary or average pay The letter said the move would leave many of the affected unable to afford essentials such as housing and food 37 38 In late May 2020 Cineworld announced it planned to reopen all its UK cinemas in July 39 On 14 August 2020 it announced a new reopening schedule in which their Welsh cinemas would open on 14 August whereas their Irish Scottish and Jersey screens would open on 26 August Their English cinemas had been open since 31 July 40 In May 2020 Alicja Kornasiewicz became chair having been a non executive director since May 2015 23 On 5 October 2020 Cineworld announced the indefinite re closure of all owned cinemas in the UK Ireland and United States from 8 October citing the delay of major tentpole Hollywood films due to the wider impact of the COVID 19 pandemic on cinema and its continued inability to reopen cinemas in the key U S market of New York which CEO Mooky Greidinger cited as having resulted in the delays The decision followed the delay of the James Bond film No Time to Die from November 2020 to 2 April 2021 Greidinger said the delay was the last straw for Cineworld following a string of other film delays and cancellations 41 Cineworld said that its decision would affect 45 000 workers 5 500 of them in the UK and 20 000 in the US 42 43 44 Later that month it hired FTI Consulting Houlihan Lokey and AlixPartners to help refinance the company s 8 billion debt 45 Greidinger said that Cineworld would reopen the cinemas once there was a solid lineup of releases ahead He also said that its Central European operations would remain active on a case by case basis as they have a stronger dependency on domestic productions than Hollywood productions 42 Cineworld cinemas reopened in May 2021 46 Bankruptcy Edit The release of No Time to Die in October 2021 took Cineworld revenues in UK and Ireland to 127 of 2019 levels 47 In December Cineworld s global revenue reached 88 of 2019 levels Cineworld credited this to the success of Spider Man No Way Home the only film to have made more than 1 5 billion globally since the pandemic began 47 Before the pandemic Cineworld had a share price of 1 97 which had fallen to 20p by mid August 2022 48 That August the Wall Street Journal reported that Cineworld was considering filing insolvency proceedings in the UK after struggling to rebuild attendance and incurring debts of more than 4 8 billion 4 billion following the pandemic 49 On September 7 2022 Cineworld filed for Chapter 11 bankruptcy 9 Cinemas EditAcross the Cineworld estate there are seven different ways in which their customers can watch a movie 2D 3D 4DX 50 Superscreen 51 IMAX VIP and ScreenX Prices are set according to the format the customer chooses and not the movie they choose As of April 2018 across the European estate there are 38 4DX screens 35 IMAX screens and 12 VIP auditoriums 6 Out of 45 cinemas 52 in the world that are fitted with IMAX with Laser projection systems two are in the UK both belonging to Cineworld located in Leicester Square 53 and Sheffield 54 In April 2018 IMAX And Cineworld Group signed an agreement to install 55 new IMAX with Laser experience in Cineworld and Regal IMAX locations 55 In 2012 Cineworld began a trial of a premium service the Screening Rooms Located next to the Cheltenham cinema The Screening Rooms offers considerably larger leather seating premium food and table service 56 57 The Screening Rooms was later converted into an extended Cineworld in Cheltenham when it was refurbished to become the second Cineworld in the country to offer the new premium VIP format Sheffield was the first to offer it 58 Cineworld was the only cinema chain in the United Kingdom to forbid customers bringing food and drink bought elsewhere into the cinema 59 57 In November 2012 the policy was changed and now states that neither alcohol nor hot food may be brought onto the premises 60 In early 2014 Cineworld introduced an allocated seating system starting as a trial in selected sites including Wembley and rolling out to all their cinemas by the summer 61 The move was controversial and a Twitter campaign was created against this policy 62 Cineworld have responded to the criticism stating that it gives customers peace of mind along with other benefits 63 In 2017 the company opened nine new cinema locations with a total of 109 screens four of which were in the UK and five in the rest of Europe A further 75 screens were scheduled to open in 2018 in addition 6 Throughout 2018 the company opened 13 new locations with 108 screens in total six in the United States six in the United Kingdom and one in Romania 4 References Edit a b c Annual Results for year ended 31 December 2021 PDF Cineworld Retrieved 17 March 2022 a b Kemp Kenny 16 January 2019 Cineworld enjoys record audience figures as blockbusters pull in public businessInsider Retrieved 20 July 2019 Cineworld to buy Regal cinemas in blockbuster deal bbc co uk BBC a b c Tartaglione Nancy 2 April 2019 Cineworld Chief Mooky Greidinger On Regal Windows The Irishman amp Unlimited International Potential CinemaCon Q amp A Deadline Retrieved 20 July 2019 Cineworld reports surge in revenue thanks to films like Beauty and the Beast and Dunkirk The Independent 15 March 2018 Retrieved 21 May 2018 a b c Cineworld Group plc Annual Report and Accounts 2017 PDF Cineworld PLC permanent dead link 24 million for largest cinema in Ireland The Irish Times Retrieved 21 May 2018 Cineworld and its founder nine things you did not know cineworldplc com Archived from the original on 12 January 2022 Retrieved 26 March 2015 a b Goldsmith Jill Tartaglione Nancy 7 September 2022 Regal Parent Cineworld Files For Bankruptcy Deadline a b Cineworld drops sale of UK and US businesses after failing to find buyer BBC 3 April 2023 Retrieved 4 April 2023 a b Cineworld founder Steve Wiener leaves to enjoy fruits of cinema operator s success 20 November 2013 Archived from the original on 12 January 2022 Retrieved 16 April 2017 Cineworld founder and CEO Steve Wiener to leave after 18 years Reuters 20 November 2013 Retrieved 10 January 2020 Geoffrey Macnab 12 April 2018 Stairways to Heaven Rebuilding the British Film Industry Bloomsbury Publishing pp 278 279 ISBN 978 1 78673 409 9 Allen Eyles Keith Skone 2002 Cinemas of Hertfordshire Univ of Hertfordshire Press p 109 ISBN 978 0 9542189 0 4 Cineworld clear to buy exhib UGC Variety 28 October 2005 Retrieved 16 April 2017 Cineworld buys Picturehouse The Guardian 6 December 2012 Retrieved 16 March 2019 Blackstone closes the curtains on its interests in Cineworld The Times Retrieved 16 April 2017 Simon Neville 9 August 2013 Curzon and Everyman cinema staff on zero hours contracts Film The Guardian Retrieved 25 June 2014 Chester s only remaining cinema to close next month Chester Chronicle 22 September 2013 Retrieved 16 April 2017 Spanier Gideon 11 June 2014 Backers pile pay pressure on Cineworld over Brixton Ritzy row London Evening Standard Retrieved 24 June 2014 UK group to merge with Cinema City International Polskie Radio Polskie Radio 10 January 2014 Retrieved 10 January 2014 Under the terms of the deal Cineworld will purchase about 100 multiplexes from CCI for 503 million pounds However CCI will maintain a 24 9 percent stake in the combined business Israel s Mooky Greidinger Agrees To Sell Cinema City Chain of Movie Theatres To UK Based Cineworld For 923 Million in Cash And Stock Jewish Business News Retrieved 26 March 2015 a b Our Board Cineworld Retrieved 17 June 2020 Picturehouse to launch new West End cinema Screen Daily Cineworld completes 124m deal for five Empire cinemas Screen Daily IT S A WRAP Empire Cinemas McNary Dave 28 November 2017 Regal Entertainment Group in Merger Talks With Cineworld Variety Retrieved 28 November 2017 Leading film markets worldwide in 2017 by gross box office revenue in billions U S dollars Statista Cineworld to buy Regal cinemas in blockbuster deal BBC News 5 December 2017 Retrieved 5 December 2017 Kay Jeremy 13 March 2019 Cineworld Eagle Pictures strategic partners in Spyglass Media Group venture Screen Retrieved 26 April 2019 Regal Owner Cineworld to Acquire Canada s Cineplex for 2 1 Billion The Hollywood Reporter 15 December 2019 Retrieved 16 December 2019 Cineworld s 2 8B takeover of Cineplex may lead to job losses Toronto Star 10 February 2019 Retrieved 14 February 2020 Cineworld says it s terminating 2 8B takeover of Canada s Cineplex Social Sharing U K cinema operator cites certain breaches of acquisition deal with theatre chain Canada s Cineplex Sues Regal Cinemas Owner Cineworld Over Aborted Acquisition Deal Variety 6 July 2020 Retrieved 19 July 2020 a b Walsh Dominic Cineworld reels from 720m damages award over Cineplex deal The Times ISSN 0140 0460 Retrieved 16 December 2021 Coronavirus Odeon Vue and Cineworld shut UK cinemas BBC News 17 March 2020 Retrieved 30 May 2020 Protests at UK cinemas treatment of staff after coronavirus shutdown TheGuardian com 23 March 2020 Retrieved 25 March 2020 Cineworld Staff Demand Jobs Back Following Covid 19 Layoffs Morning Star 23 March 2020 Retrieved 25 March 2020 Sweney Mark 28 May 2020 Cineworld plans to reopen all UK cinemas in July The Guardian Retrieved 30 May 2020 Cineworld are Reopening 31st July Cineworld cinemas www cineworld co uk Retrieved 18 August 2020 Tartaglione Nancy 5 October 2020 Cineworld Boss Mooky Greidinger Says Decision To Close U S amp UK Cinemas Was Spurred By NY Governor Andrew Cuomo s Inflexibility Deadline Hollywood Archived from the original on 23 November 2020 Retrieved 8 October 2020 a b Tartaglione Nancy 5 October 2020 Cineworld Boss Mooky Greidinger Says Decision To Close U S amp UK Cinemas Was Spurred By NY Governor Andrew Cuomo s Inflexibility Deadline Retrieved 5 October 2020 Hancock Alice 5 October 2020 Cineworld shares plunge as chain shuts all UK and US screens Financial Times Retrieved 5 October 2020 Cineworld to close all sites in UK and Ireland The Irish Times Retrieved 6 October 2020 Cineworld screens AlixPartners for talks on 8bn debt pile Sky News Retrieved 12 October 2021 Cineworld re opening your must see movies on the big screen 12 May 2021 Retrieved 14 January 2021 a b Sweney Mark 14 January 2022 Spider Man drives Cineworld revenues to near pre pandemic levels The Guardian Archived from the original on 14 January 2022 Retrieved 14 January 2022 Cineworld preparing to file for bankruptcy after pandemic rout The Guardian 19 August 2022 Retrieved 19 August 2022 Gladstone Alexander 19 August 2022 Regal Cinemas Owner Cineworld Prepares for Bankruptcy Filing Wall Street Journal ISSN 0099 9660 Retrieved 19 August 2022 Sharp Jasper 21 June 2012 4DX Here come the feelies Sight amp Sound Magazine British Film Institute Retrieved 12 January 2013 Cineworld unveils new Superscreen in time for Star Wars The Last Jedi Coventry Live 7 December 2017 LF Examiner Search LF Examiner Cinergetics LLC Archived from the original on 11 February 2005 Retrieved 25 July 2018 IMAX launches laser projection system in UK and it looks spectacular What Hi Fi 2 October 2015 VIDEO Cineworld Sheffield to introduce new IMAX laser technology The Star IMAX And Cineworld Group Sign Agreement To Install New IMAX With Laser Experience In 55 Cineworld And Regal IMAX Locations Business Insider Sneak peek at Cheltenham cinema s luxury Screening Rooms This is Gloucestershire Archived from the original on 22 October 2012 Retrieved 1 June 2012 a b Sethi Anita 20 February 2008 My mission to beat the great cinema food rip off The Guardian Retrieved 11 December 2016 Cineworld Cheltenham reveals brand new facilities following refurbishment thelocalanswer co uk 10 September 2019 Retrieved 12 June 2022 Cineworld Cinemas FAQ Archived from the original on 12 July 2011 Retrieved 9 July 2011 Can I bring in my own food and drink Cineworld have a strict no food and drink policy Cineworld Cinemas FAQ Archived from the original on 3 December 2012 Retrieved 1 December 2012 2 2 Alcohol and Food Policy Neither alcohol nor hot food may be brought onto the premises Only hot food bought on the premises may be consumed on the premises Alcohol may only be purchased and consumed in Cineworld licensed bar areas or in licensed screens and licensing laws will be strictly enforced Allocated seating is now available at your local Cineworld Cineworld Retrieved 26 March 2015 Allocated Seats Cine twitter com Retrieved 26 March 2015 Allocated seating coming soon to Cineworld Cineworld Retrieved 26 March 2015 External links Edit Wikimedia Commons has media related to Cineworld Cineworld Group plc Retrieved from https en wikipedia org w index php title Cineworld amp oldid 1149230853, wikipedia, wiki, book, books, library,

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