By tomorrow, major movie theater operator Cineworld could decide whether to indefinitely close its Regal Cinemas in the U.S., as well as its theaters in the UK and Ireland.
Why now? On Friday, MGM announced it’s pushing the release of the newest James Bond flick, No Time to Die, to April 2021.
Studios have delayed most major releases because of the pandemic, and 2020 had just three blockbusters left: No Time to Die, Wonder Woman 1984, and Dune. With Bond taking an extra vacation (and theaters potentially closing), the last two could be delayed as well, leaving movie theaters with a slimmer menu than In-N-Out.
- Christopher Nolan’s Tenet, the first big test for theater attendance during the pandemic, has earned a lackluster $40+ million in the U.S. since its September release.
Big picture: Having lost $1.6 billion in the first half of 2020, Cineworld has been on rocky footing for a while. If it chooses to close theaters, thousands of jobs across 543 Regal Cinemas in the U.S. and 128 cinemas in the U.K. and Ireland will be put at risk.
Via Morning Brew