Naman Ramachandran contributed to this report. Cineworld and Cinemark Announce Agreement to Purchase Remaining Units of National CineMedia Held by AMC
Cineworld staff lack any official union backing.
Cineworld represents around 25%-35% of market share for mainstream films with full theatrical window release in normal times. Once a decision has been made we will update all staff and customers as soon as we can. The firm, which had already announced that it was seeking new funding to help it ride out the pandemic, is understood to be planning an incentive scheme to get staff back at reopening - whenever that may be. The news — which also affects all Regal Cinemas in the U.S., as revealed by Variety — has sent shockwaves across the industry. The industry’s desperately-needed James Bond movie No Time To Die was the latest blockbuster to be moved from this year into 2021. The company said its decision affected 45,000 workers, almost 6,000 of them in the UK, and Sky News understands they will lose their jobs this week in the hope they can be re-hired when the hibernation ends. Some U.K. distributors who did release films during the pandemic also highlight that more could have been done by their peers. About us Click here to open. Live coverage of the latest coronavirus news and updates. The announcement prompted a horror show for the company's shares, which plunged by 57% at the open as investors digested the implications. “I’ve got to go to work over the next few days, while staring down the barrel of no money for Christmas.”. Tenet has had a disappointing box office take in the US – just over $45 million – although it has reached $307 million (£237 million) globally.
None of us are buying it. They closed in mid-March due to the pandemic, and reopened where they could just prior to the Warner Bros release of Tenet in early September. For someone who loves film and media, it was definitely a nice atmosphere to work in,” they said. "Cineworld will continue to monitor the situation closely and will communicate any future plans to resume operations in these markets at the appropriate time, when key markets have more concrete guidance on their reopening status and, in turn, studios are able to bring their pipeline of major releases back to the big screen.". It’s not known how long the closure would last, if it happens. At the same time, exhibitors insist the move sends a clear, if brutal, message to studios and indie distributors. ", Coronavirus: 45,000 to lose their jobs as Cineworld brings curtain down on UK and US cinemas, Cineworld chief executive Mooky Greidinger has told Sky News that the company, Cineworld closures signal 'broader challenge', Vue boss: Studios too focused on COVID-19 in US. Chief executive Mooky Greidinger used an interview with Sky News to liken the company's position to that of a "grocery shop with no food" as he expressed hope the company could resume screenings within two to three months. Staff, who now await some form of redundancy offer from their employer, say the move is a “big kick in the teeth” for a workforce that fiercely pulled together to get the company’s cinemas open again this summer. Cineworld staff say they don’t deserve to pay the price for the company’s failed efforts to reopen and they’re angry about the way their employer has kept them largely in the dark about the situation. The first time around, they did it at the drop of a hat, and it’s happened again,” says the front-of-house worker, who came to London from western England at 18 to pursue screenwriting. Cineworld represents around 25%-35% of market share for mainstream films with full theatrical window release in normal times. Was £208 per room per now now only £79
“But at a certain stage, we didn’t have the goods.” The Israeli executive blames American politicians like New York Governor Andrew Cuomo, who hasn’t reopened the crucial New York cinema market — a contributing factor discouraging studios from releasing their tentpoles. The Cineworld cinema chain has confirmed the news that it is considering closing its UK and US cinemas, but said a “final decision has not yet been reached”. We’ve had the cinemas open, we’ve done our very best, and 10 minutes before a film is released, they pull it. AMC Theatres-backed Odeon has reduced its screens, switching to a weekend-only model for 25% of its 120 venues, and it’s believed multiplex chain Vue is also considering its options. "Supporting local cinemas - I think we've already put £30m in, but what I would say to people is that local cinemas do now have ways of making their shows go on in a Covid-secure way and I'd encourage people to go out to the cinema, enjoy themselves and support those businesses. Cineworld announced the news 24 hours after receiving a backlash from employees over media reports that renewed delays to key releases - such as new James Bond movie No Time To Die - … Our best wishes for a productive day. This Radio Times bookazine features unseen images and cast anecdotes. Labour said the Cineworld job losses were the result of government mismanagement of the crisis. Cineworld tweeted yesterday: “We can confirm we are considering the temporary closure of our UK and US cinemas, but a final decision has not yet been reached. Cineworld is on course to cut tens of thousands of jobs after confirming plans to temporarily bring the curtain down on its UK and US cinemas because of continuing disruption from the coronavirus pandemic.
Its announcement to the City on Monday read: "Cineworld confirms that it will be temporarily suspending operations at all of its 536 Regal theatres in the US and its 127 Cineworld and Picturehouse theatres in the UK from Thursday 8 October 2020. 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 Cineworld closure in the UK could affect 5,500 jobs. Cuomo, Led Zeppelin Wins 'Stairway to Heaven' Copyright Battle as Supreme Court Refuses to Hear Case, ‘The Witcher’ Season 2 Gets First Look at Henry Cavill’s New Armor, Megan Thee Stallion Delivers Powerful 'Protect Black Women' Statement on 'SNL', Why ‘Tenet’ Was the Wrong Movie at the Wrong Time (Column), The 10 Best ‘Gilmore Girls’ Music Moments, Taylor Lautner Buys Striking Agoura Hills Mansion, Timothée Chalamet, Josh Brolin, Oscar Isaac Star in Long-Awaited ‘Dune’ Trailer, Prada’s New Sustainable Fabric Is Made From Recycled Polyester and Can Regulate Body Temperature, Playoff Baseball Bubble Begins With Yankees-Rays At San Diego, 16 Useful Google Home Commands You’ll Wish You Had Known About Sooner.
Its replacement from November, the Job Support Scheme, will only support the wages of those in "viable" employment, working reduced hours. News of the Mooky Greidinger-run company shuttering all 127 of its U.K. and Ireland cinemas leaked on Saturday night, with the vast majority of the exhibitor’s 5,500-strong U.K. workforce learning of their potential job losses on social media. Following the announcement, Sky News has learnt that lenders to Cineworld Group have parachuted in advisers for urgent talks on the company's $8bn (£6.2bn) debt mountain. "We are especially grateful for and proud of the hard work our employees put in to adapt our theatres to the new protocols and cannot underscore enough how difficult this decision was. The company reported a $1.6 billion (£1.24 billion) loss for the first six months of the year, as the impact of the COVID-19-enforced cinema shutdown took its toll. Cineworld announced the news 24 hours after receiving a backlash from employees over media reports that renewed delays to key releases - such as new James Bond movie No Time To Die - had forced the company into temporarily closing down screens. Cineplex.com has entertainment covered. The same source reported that Cineworld would close down 128 of its UK and Ireland cinemas as well next week, representing the first big casualty in the industry since cinemas began to reopen in late summer. "In order to secure their place of work we have to take this measure now. Cineworld’s shocking decision to temporarily shutter all U.K. and U.S. cinemas in order to ride out the pandemic has shaken the industry to its core and jeopardized the livelihoods of thousands of people on both sides of the Atlantic. You can unsubscribe at any time. Show times, trailers, news, movie details, and online ticketing. The new puzzles website is now live - sign up now and enjoy a 7-day free trial! A syndicate of banks has appointed FTI Consulting to negotiate with the stricken multiplex operator following a pitch process last week. "It has been a very challenging year both for Cineworld, and the world's largest cinema group AMC," he added. Exclusive Monty Python content for just £5.99! The shares partly recovered later but were still 36% down by the close. Update on proposed acquisition of Cineplex Inc. Read more .
“Cineworld was the biggest cinema chain on [‘Unhinged’]. Cineworld press releases. News, photos, videos and full episode guide, Cineworld says “final decision” not yet reached about UK and US cinema closures, Christopher Nolan's Tenet earns £40 million in first weekend of release, See James Bond: No Time to Die official poster, New James Bond No Time To Die trailer delves into Madeleine Swann’s link to Safin, Tickets for Tenet go on sale as UK cinemas reopen in numbers from 26th August.
Read more Variety understands that some workers, rallied by the indefatigable Cineworld Action Group, are joining entertainment trade union Bectu on an individual basis, but ultimately, Bectu can’t support them collectively. Business reporter If they’d shut down around then, or not reopened, that would’ve had a huge effect on the gross, which is now at nearly £2 million [$2.6 million],” says Moseley.
“When [‘No Time to Die’] went on Friday, we all knew we were screwed,” says one senior Cineworld source close to the situation. Cineworld said on Sunday that no decision had been taken. 12 March 2020. “For Mooky to go on television and talk about how we’re all a family? I hope they will be supported by all kinds of government plans," he said. “Cineworld was the biggest cinema chain on [‘Unhinged’]. "In turn, without these new releases, Cineworld cannot provide customers in both the US and the UK - the company's primary markets - with the breadth of strong commercial films necessary for them to consider coming back to theatres against the backdrop of COVID-19.". “We prepared very [well] with all safety precautions, and at the beginning, we got a very warm welcome,” said Greidinger of reopening cinemas in the U.K. from July 31, and Regal in the U.S. from late August. Sign in to manage your newsletter preferences.
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