Entertainment news headlines5/11/2023 ![]() ![]() Analysts said it was similar to a two-for-one stock split, a deal that often sees a company's share price drop by roughly half. ![]() Investors received one share of APE for every AMC share they owned at the end of Friday. Monday marked the first day of trading for the company's new preferred equity units, which have the ticker symbol “APE.” 16).ĪMC's stock fell to $10.46 from $18.02 on Friday, though it had other factors impacting the shares. Farther on the horizon, though, are a few sequels that could set box-office records: “Black Panther: Wakanda Forever” (Nov. release “Don’t Worry Darling,” with Harry Styles and Florence Pugh, overperform expectations, the next month or two in theaters lack sure-things before “Halloween Ends” and “Black Adam” arrive in late October. Unless films like Sony Pictures’ “Woman King,” with Viola Davis, or the buzzy Warner Bros. One of the summer’s most-watched movies, the Ryan Gosling-Chris Evans action thriller “The Gray Man,” played on Netflix. But it’s also because a lot of movies go straight to streaming. ![]() Some of that has to do with residual delays in Hollywood’s production pipeline caused by earlier COVID-19 shutdowns and postponements. This year, about a third less wide-release films have been put into theaters as before the pandemic. Rival AMC Entertainment has also called the upcoming film schedule relatively weak, though it’s optimistic about the end of the year and about 2023. But they also said they're hopeful for a strong close of the year. Its executives said earlier in August that the next two months will be challenged by a dip in new releases. Cinemark Holdings fell 5.8% to $15.33, for example. Shares of other theater chains also stumbled Monday, but nowhere near as much as Cineworld. That followed a 58.3% plunge on Friday after The Wall Street Journal reported the company was preparing to file for bankruptcy protection within weeks. The company's stock in London tumbled 21.4% to the equivalent of roughly 3.8 U.S. The company warned again Monday that a transaction to ease the debt on its balance sheet could hurt its stock investors. It also said it expects “ultimately to continue its business over the longer term with no significant impact upon its employees." It has about 28,000 workers, according to the company's website.Įven if employees could make it through intact, shareholders may not. That would mean an additional crunch to its finances.Ĭineworld said it's holding talks with lenders and other major stakeholders as it reviews its financial options. And with a “limited film slate,” it expects the lower levels to continue until November. And there don't seem to be any big hits on the immediate horizon to make those numbers much better.Ĭineworld said its admissions levels have recently been below expectations. To be sure, moviegoers have streamed back into theaters this year to see blockbusters like “Spider-Man: No Way Home,” “Top Gun: Maverick,” and ”Jurassic World: Dominion." Industry giant Warner Discovery has said it's doubling down on theaters and moving away from debuting films on its HBO Max streaming service.īut this summer's $3.3 billion in ticket sales is still running nearly 20% behind the summer of 2019, before the pandemic, as of Sunday, according to data firm Comscore.
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