Cinemark CEO Mark Zoradi said Wednesday that Cinemark will start reopening its theater in the next few weeks as the summer blockbuster season nears.
What’s happening:
- Zoradi said in a new earnings release that the company has moved its attention toward reopening its theaters, according to Deadline.
- The company plans “to initiate in a multi-phased approach beginning June 19.”
- Cinemark made the announcement in its earnings report, which revealed a 24% dip in revenue from one year ago in the same quarter.
- Wall Street analysts predicted the company would earn $556.6 million. It only made $543.5 million, according to Deadline..
- Zoradi said in an earnings call the Cinemark will continue to support a 74-day exclusivity window for new films. But he said he is open to theaters supporting other forms of release.
Meanwhile, at AMC ...
- AMC Theatres, which is currently the world’s biggest movie theater chain, said Wednesday that it has substantial doubt that it can remain in business once the coronavirus pandemic ends, as I reported for the Deseret News.
- AMC Theatres said it will likely lose between $2.1 billion and $2.4 billion because of the pandemic. A reopening will likely happen. But it might not survive in the long run, CNN reports.
- AMC said:“We believe we have the cash resources to reopen our theaters and resume our operations this summer or later. Our liquidity needs thereafter will depend, among other things, on the timing of a full resumption of operations, the timing of movie releases and our ability to generate revenues.”