Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Cineworld Sees Two Years of Weaker Box Office Amid Bankruptcy

Sept. 30, 2022, 6:36 AM

Cineworld Group Plc revised down its outlook for admissions for the next two years, as the world’s second-largest cinema chain embarks on bankruptcy proceedings in the US.

London-based Cineworld said forecasts indicate a lower number of movie releases in 2023 and 2024, meaning admissions would remain below pre-pandemic levels, in first-half results published Friday. That triggered a $66 million writedown, it said.

“The industry has been negatively impacted by a general lack of content, an issue exacerbated by increased competition from streaming along with Covid-related production delays and cancellations that occurred from mid-2020 to late-2021,” the company said.

Third-quarter admissions ...