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It may not be Hulk vs. Wolverine, but the brawl between two of the world’s biggest cinema proprietors is not without its melodrama.
Bankrupt British cinema operator Cineworld said on Tuesday it had no plans to sell the assets individually and would instead pursue a transaction for the entire entity. seems to have set its sights on its rival, AMC Theaters.
Did they or didn’t they?
In the final months of 2022, there were numerous media reports that AMC was considering a partial acquisition of Cineworld’s assets, and to regulators in late December, when AMC disclosed that it was withdrawing from such talks. Despite the filing, Cineworld claimed Tuesday that it never had a meeting with AMC. About theater sales. A real pair of real housewives we have here.
Hot dramas get even more nasty. In December, AMC accused Cineworld of not acting fast enough to complete the deal. Some industry insiders speculated that AMC was just kicking its tires publicly, and that there would be no competition for the prime spot on Cineworld’s bargains. Tuesday’s public shade festival indicates ongoing negotiations will be conducted, at least in part, through the media.
- Cineworld’s hands may be a little stronger, thanks to ‘Avatar: Path of Water’ surpassing $1.44 billion at the global box office on Tuesday, delivering a bona fide blockbuster out of the gate in 2023 However, AMC’s stance that you can buy what you want may be weaker than usual.
- After devouring momentum in memetic stocks to create cash reserves (spending it in part on literal gold mining), the company’s shares have plunged more than 85% in the past 12 months, sapping the Kansas-based chain’s purchasing power. Robbed and put CEO Adam Aron down. This kind of scrutiny seems to have sparked a jarring and defensive tweet storm: he let go on sunday.
can you wait a year? Global box sales in 2023 should be 12% higher than in 2022, according to Gower Street Analytics, but cinema owners will have to wait until 2024 for moviegoers to return to the big screen at pre-pandemic levels. may have to. If Marvel and other upcoming slates create enough pop, the Cineworld vs. AMC show could spill over into yet another new year.
– Thornton McEnery