TIDMCINE
RNS Number : 1626T
Cineworld Group plc
23 March 2021
Cineworld Group to Reopen Regal Theatres in the U.S. Beginning
April 16 in time for the release of "Mortal Kombat"
Cineworld's U.K. Theatres Anticipated to Open in May in Line
with Current Government Guidance
Cineworld Has Reached a Multi-Year Agreement to Show Warner
Bros. Films in US and UK
Limited locations to open for "Godzilla vs. Kong"
London, United Kingdom and Knoxville, TN, March 23, 2021 -
Cineworld Group, plc (LSE: CINE) today announced that its Regal
theatres will reopen this April, for the first time in six months.
The phased reopening will kick off with a limited number of cinemas
opening for "Godzilla vs. Kong" on April 2(nd) and going wider with
"Mortal Kombat" on April 16(th) . Cineworld also plans to reopen in
the U.K., its second biggest market, in May, in line with current
government guidance.
"We have long-awaited this moment when we can welcome audiences
back to our Regal theatres and restore our essential role within
the communities we serve," said Mooky Greidinger, Chief Executive
Officer of Cineworld. "With the health and safety of our customers,
staff, and communities as our top priority, we continue to take all
the necessary precautions and abide by our CinemaSafe guidelines to
confidently provide a safe and comfortable experience. With
capacity restrictions expanding to 50% or more across most U.S.
states, we will be able to operate profitably in our biggest
markets. We will also be monitoring developments closely in the
U.K. and across Europe as we set to gradually reopen across the
world in line with local government guidance."
In addition, Cineworld has reached a multi-year agreement under
which films from Warner Bros. Pictures Group will be exhibited in
Cineworld's cinemas in the U.S. as of their opening. Beginning in
2022, Warner Bros. Pictures Group theatrical releases will have a
45-day window of theatrical exclusivity, with certain
provisions.
As for the UK, Warner Bros. and Cineworld have agreed to an
exclusive theatrical window of 31 days prior to PVOD, and an
extended window of 45 days for films that open to an agreed upon
box-office threshold.
"We are very happy for the agreement with Warner Bros. This
agreement shows the studio's commitment to the theatrical business
and we see this agreement as an important milestone in our 100-year
relationship with Warner Bros." Greidinger added.
With a dynamic slate of films scheduled to release this spring
and summer, Regal will welcome back audiences after an extended
closure in response to an increasingly challenging theatrical
landscape. With its reopening, Regal will once again operate as one
of the largest and most geographically diverse theatre circuits in
the U.S.
"This is a great moment for us-- the US market represents 75% of
our business-- and soon will be followed with all our markets. We
are great believers in the theatrical experience, which only a year
ago (2019) generated $43B worldwide." Greidinger summarized, "We
have no doubt that by offering our customers the highest level for
watching a movie, Cineworld and Regal will continue to be - The
Best Place to Watch a Movie."
To find opening date for your theatre, please visit our mobile
app or online at REGmovies.com.
About Cineworld Group, plc:
Cineworld Group plc was founded in 1995 and listed its shares on
the London Stock Exchange in
May 2007. The company has grown through expansion and by
acquisition to become the second
largest cinema chain worldwide, holding the number one or number
two position by number of
screens in each of its regions. Cineworld currently operates
9,548 screens across 793 sites in the
US, UK, Ireland, Poland, the Czech Republic, Slovakia, Hungary,
Bulgaria, Romania and Israel
as of 13 May 2018.
About Regal:
Regal, a subsidiary of the Cineworld Group, operates one of the
largest and most geographically diverse theatre circuits in the
United States, consisting of 7,076 screens in 536 theatres in 42
states along with the District of Columbia and Guam as of September
30, 2020. We believe that the size, reach and quality of the
company's theatre circuit provides its patrons with a convenient
and enjoyable moviegoing experience. We are committed to being "The
Best Place to Watch a Movie!" Additional information is available
on Regal's website: REGmovies.com .
Cautionary note concerning forward looking statements:
Certain statements in this announcement are forward looking and
so involve risk and uncertainty because they relate to events and
depend upon circumstances that will occur in the future and
therefore results and developments can differ materially from those
anticipated. The forward looking statements reflect knowledge and
information available at the date of preparation of this
announcement and the Group undertakes no obligation to update these
forward-looking statements. Nothing in this announcement should be
construed as a profit forecast.
Enquiries:
Cineworld Group plc
investors@Cineworld.co.uk
Mooky Greidinger
Nisan Cohen
Manuela Van Dessel
Media Contact:
James Leviton
Rob Allen
+44 (0)20 7251 3801
cineworld-lon@finsbury.com
Richard M. Grover
Regal, Vice President of Communications
(865) 925-9539
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END
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