7/26/2023 0 Comments Intermission film ltd![]() The domestic box-office for this year’s summer season has totaled about 72% of the average for the same period during the years 2015-2019, according to Box Office Mojo. The smashing success of “Top Gun: Maverick," which has now grossed nearly $1.4 billion worldwide, has helped the industry close some of the gap with its prepandemic performance. None of those three face similar financial stress, but Cineworld’s move was a stark reminder that the theatrical exhibition industry is still working its way out of the hole created by the pandemic. Still, news of Cineworld’s filing took down shares of AMC nearly 7% on Friday, while smaller chains Cinemark and IMAX saw their shares fall by 4.5% and 3% respectively. A surge of interest from individual investors has helped AMC raise more than $2 billion from stock sales and reduce its borrowings, thus avoiding its own trip to bankruptcy court. ![]() It also didn’t benefit from the meme-stock phenomenon that saved similarly indebted rival AMC Entertainment. The company entered the pandemic deep in debt following a string of acquisitions, and an attempt to buy the Cineplex chain for about $1.7 billion in late 2019 turned out to be very poorly timed. That pause is a problem for all movie-theater operators, and an insurmountable one for Cineworld. The movie is currently set for release on Oct. ![]() According to Wedbush analyst Alicia Reese, “Black Adam" is the next theatrical release expected to do significant business, defined as surpassing $100 million domestically. He is no slouch on the screen: Movies featuring the former wrestler in a leading role have generated more than $5 billion in global box-office revenue, according to the movie-industry tracking site The Numbers. Discovery’s DC Comics franchise that stars the actor otherwise known as Dwayne Johnson. November actually comes two weeks after the release of “Black Adam," the next entry in Warner Bros. That came just two days after the company warned investors of lower-than-expected admissions “due to a limited film slate that is anticipated to continue until November." along with an insolvency filing in its home country, according to a report in The Wall Street Journal on Friday. The U.K.-based owner of the Regal Cinemas movie-theater chain is preparing to file for chapter 11 bankruptcy protection in the U.S.
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