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Added on the 03/06/2014 15:28:54 - Copyright : GossipCenter
Gizmodo reports ailing theater chain AMC might be totally broke by the end of 2020. In financial filings, the company disclosed on Tuesday that it may require 'additional sources of liquidity or increases in attendance levels' to survive. In other words, it'll need more cash or more butts on seats--or both. The company cites low attendance and a delayed movie release schedule during the coronavirus pandemic. If those don’t change, AMC may pursue additional debt and equity financing, renegotiations with landlords, asset sales, or joint ventures. They're not alone. Competitor Regal Cinemas has also disclosed it will need fresh funds by early 2021 if the winter results in 'prolonged' shutdowns.
On Thursday, The Wall Street Journal reported that HBO AT&T-owned WarnerMedia will cut thousands of jobs. Business Insider reports that the cuts will start in the coming weeks. The company wants to cut costs by 20%. The layoffs are expected to take place at the company's TV channels HBO, TBS, and TNT, as well as Warner Bros. The cuts come as sales in movie tickets, cable subscriptions, and television ads continue to struggle.
Regal Cinemas owner Cineworld says it is considering temporarily closing its theaters. CNN reports the news comes just a day after the latest James Bond film, "No Time to Die," was delayed until the spring of 2021. More than a dozen major films have either been delayed or skipped theaters altogether and gone digital, as in the case of Disney's 'Mulan.' Last month, Cineworld reported a loss of $1.6 billion in the first half of 2020 as revenue plunged by 67%. A spokesperson said Cineworld would update staff and customers on its decision 'as soon as we can.' It also warned of the need to raise more funds in case a second wave of coronavirus leads to more 'prolonged' shutdowns.
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