LONDON and KNOXVILLE, Tenn., March
23, 2021 /PRNewswire/ -- 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 2nd and
going wider with "Mortal Kombat" on April
16th. 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."
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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SOURCE Regal