Cineworld Group to Reopen Regal Theatres in the U.S. Beginning April 16 in time for the release of "Mortal Kombat"

Rhea-AI Summary

Cineworld Group announced the reopening of its Regal theatres starting April 2, 2021, after a six-month closure, beginning with 'Godzilla vs. Kong' and expanding with 'Mortal Kombat' on April 16. Following local government guidelines, Cineworld also plans to reopen UK locations in May. A new multi-year agreement with Warner Bros. ensures a 45-day theatrical exclusivity window for its films, a pivotal move as Regal aims to restore its operations. With the US market representing 75% of its business, Cineworld positions itself to benefit from the anticipated return of audiences in a challenging theatrical landscape.

Positive

• Regal theatres reopening in the US improves revenue prospects.
• New agreement with Warner Bros. grants exclusive windows, enhancing content availability.
• Capacity restrictions of 50% or more will enable profitable operations.
• Projected increase in audience attendance as cinemas reopen.

Negative

• None.

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 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."  

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

FAQ

When will Regal theatres reopen?

Regal theatres will reopen starting April 2, 2021, with wider openings on April 16.

What films will Regal show upon reopening?

Regal will start with 'Godzilla vs. Kong' on April 2, followed by 'Mortal Kombat' on April 16, 2021.

What is the significance of the Warner Bros. agreement for Cineworld?

The agreement ensures a 45-day window of theatrical exclusivity, crucial for restoring revenue in cinemas.

How much of Cineworld's business comes from the US market?

The US market accounts for 75% of Cineworld's business.

When will Cineworld reopen its UK theatres?

Cineworld plans to reopen its UK theatres in May 2021, adhering to government guidance.