Cineworld to reopen U.S. Regal theaters in April, announces new deal with Warner Bros.
Cineworld Group Plc will reopen its Regal theaters in April for the first time in six months and will show "Godzilla vs. Kong" in a limited number on April 2, followed by "Mortal Kombat" on April 16. The London-based chain said it will also open cinemas in the U.K., its second biggest market, in May in compliance with government rules. "With capacity restrictions expanding to 50% or more across most U.S. states, we will be able to operate profitably in our biggest markets," Chief Executive Mooky Greidinger said in a statement. "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." Cineworld has also reached a multi-year agreement with Warner Bros., which is owned by AT&T , to show its films in the U.S. when they open. Starting in 2022, films made by Warner Bros. will have a 45-day window of theatrical exclusivity, meaning they will not be available on streaming services. In the U.K., that window will be 31 days, with an extended window of 45 days for films that open to an agreed upon box-office threshold. The theatrical window has become an issue of concern for theater owners as studios have released most films on streaming platforms during the pandemic. Cineworld's U.K.-listed shares closed down 5.7% Tuesday.
Cineworld Group Plc will resume its Regal auditoriums in April without precedent for a half year and will show "Godzilla versus Kong" in a predetermined number on April 2, trailed by "Mortal Kombat" on April 16. The London-based chain said it will likewise open films in the U.K., its second greatest market, in May in consistence with government rules. "With limit limitations growing to half or more across most U.S. states, we will actually want to work beneficially in our greatest business sectors," Chief Executive Mooky Greidinger said in a proclamation. "We will likewise be observing advancements intently in the U.K. what's more, across Europe as we set to progressively return across the world in accordance with nearby government direction."
Cineworld has likewise arrived at a multi-year concurrence with Warner Bros., which is possessed by AT&T , to show its movies in the U.S. at the point when they open. Beginning in 2022, films made by Warner Bros. will have a 45-day window of dramatic restrictiveness, which means they won't be accessible on web-based features. In the U.K., that window will be 31 days, with an all-encompassing window of 45 days for films that open to a settled upon film industry limit. The dramatic window has become an issue of worry for theater proprietors as studios have delivered most movies on streaming stages during the pandemic. Cineworld's U.K.- recorded offers shut down 5.7% Tuesday.