The two companies ended their brief feud by potentially changing the future of moviegoing—once the coronavirus pandemic allows for theaters to open again
“This radical change by Universal to the business model that currently exists between our two companies represents nothing but downside for us and is categorically unacceptable to AMC Entertainment,” Aronat the time. “Accordingly, we want to be absolutely clear, so that there is no ambiguity of any kind. AMC believes that with this proposed action to go to the home and theatres simultaneously, Universal is breaking the business model and dealings between our two companies.
The move by AMC to bar Universal features was quickly adopted by Cineworld, the company that owns Regal Entertainment. “Universal’s move is completely inappropriate and certainly has nothing to do with good faith business practice, partnership and transparency,” representatives for CineworldBut while there was solidarity among competitors in April, that isn’t the case at the moment. “We do not see any business sense in this model, CEODeadline on Wednesday.
Despite that pushback, however, the expectation is that theater owners might have to come to similar agreements with Universal and perhaps other distributors as well, including Warner Bros., Sony, and Paramount, now that the long-held theatrical window has been significantly shortened. Notably, the National Organization of Theatre Owners has not commented on the new deal between AMC and Universal, or its potential effect on the industry as a whole. But back when AMC banned Universal films from its theaters, NATO president and CEO: “Universal does not have reason to use unusual circumstances in an unprecedented environment as a springboard to bypass true theatrical releases,” he said.
Of course, therein lies some of the rub: theaters are still closed because of the coronavirus pandemic and the entire remaining 2020 theatrical release calendar remains somewhat written in pencil. The financial viability of the theatrical model is also under siege, as AMC Theatres itselfin public SEC filings last month. “We believe we have the cash resources to reopen our theatres and resume our operations this summer or later,” the company wrote.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Cinemark Not Game for AMC-Universal Film Window Deal, CEO SaysCinema giant Cinemark is not game for the reduced 17-day theatrical window that fellow exhibitor AMC Theatres and Universal Pictures recently struck an agreement for, CEO Mark Zoradi said Tuesday.
Weiterlesen »
AMC Networks Sees Q2 Profit Tumble Amid Pandemic ConditionsAMC Networks said the coronavirus pandemic and a substantial impairment charge contributed to a significant decline in second quarter profit, the latest media company to show the signs of grappling…
Weiterlesen »
AMC Theatres' Credit Rating Downgraded Over 'Distressed' Debt SwapDebt ratings agency S&P Global Ratings has reduced AMC Entertainment's credit ratings due to concerns over its new debt deal with bondholders
Weiterlesen »
AMC Networks' Quarterly U.S. Ad Revenue Drops 14.6 Percent Amid PandemicAMC Networks' horror-focused streaming service Shudder had the 'biggest' quarter in its history in terms of trials, paid subscribers and amount of time spent on the service, says CEO Josh Sapan. More details:
Weiterlesen »
Cinemark Boss Mark Zoradi On Universal-AMC Deal: “Aggressive Shortened Theatrical Window Could Have An Adverse Impact” To Movie’s LifeCinemark CEO Mark Zoradi weighed in this morning on all the noise that Universal and AMC stirred up last week with their plan to crunch the theatrical window to 17 days. “Consistent with our …
Weiterlesen »
AMC Entertainment Clinches Financial Revamp; Debt Cut By $535M, Up To $415M Additional Liquidity Over 12-18 MonthsAMC Entertainment announced Monday it’s officially concluded a complex, and controversial, restructuring of approximately $2.6 billion of its debt that included an exchange and fresh capital raise.…
Weiterlesen »