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CINEMARK HOLDINGS, INC.

(CNK)
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Cinemark Reaches Deals With Hollywood Studios to Show Movies

05/07/2021 | 08:34am EDT

By Dave Sebastian and Matt Grossman

Cinemark Holdings Inc. struck agreements to show films from some of its major Hollywood studio partners, a move aimed at establishing how long movies play in theaters before moving to home video.

The movie-theater company on Friday said the deals -- with Warner Bros. Picture Group, Walt Disney Co., Paramount Pictures and Sony Pictures Entertainment -- build on a November pact with Universal Filmed Entertainment Group.

Cinemark didn't disclose terms of the deals. "Some go for multiple months; some go for multiple years," Chief Executive Mark Zoradi said on a call with analysts.

Under Cinemark's deal with Universal, movies that gross more than $50 million domestically during their first weekend in theaters will continue to be shown in theaters exclusively for five weekends, or 31 days. After that, while theaters can continue to screen a film, the title would be available concurrently on premium online rental platforms like Apple TV and Amazon Prime Video.

"In our ongoing efforts to maximize attendance and box-office during the pandemic and beyond, our goal is to provide the widest range of content with terms that are in the best long-term interests of Cinemark, our studio partners and moviegoers," Mr. Zoradi said.

Separately, Cinemark on Friday reported a wider first-quarter net loss because of the Covid-19 pandemic. Mr. Zoradi said recovery is on the horizon.

"We are highly optimistic ... on account of a range of factors, including the rapid pace of the vaccine rollout, improving consumer sentiment about returning to movie theaters, recent box-office successes and confirmation of consistent product supply," Mr. Zoradi said.

The Plano, Texas-based company posted a quarterly loss of $208.2 million, compared with a loss of $59.6 million in the year-ago period. Cinemark's revenue fell to $114.4 million from $543.6 million for the period a year ago.

Cinemark said it plans this year to add six new theaters and 72 new screens to its current aggregate count of 5,872 screens.

In the U.S., 98% of Cinemark's theaters have reopened, Mr. Zoradi said. But the pace of recovery has been uneven as Covid-19 cases surge in certain parts of the world. Mr. Zoradi said only half of Cinemark theaters are operating in Latin America due to new government restrictions.

(END) Dow Jones Newswires

05-07-21 1034ET

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Financials (USD)
Sales 2021 1 485 M - -
Net income 2021 -400 M - -
Net Debt 2021 2 238 M - -
P/E ratio 2021 -4,72x
Yield 2021 0,37%
Capitalization 1 886 M 1 886 M -
EV / Sales 2021 2,78x
EV / Sales 2022 1,38x
Nbr of Employees 11 065
Free-Float 85,4%
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Number of Analysts 11
Last Close Price 16,09 $
Average target price 24,73 $
Spread / Average Target 53,7%
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Managers and Directors
Mark Zoradi Chief Executive Officer & Director
Sean Gamble EVP, Chief Operating & Financial Officer
Lee Roy Mitchell Executive Chairman
Damian Wardle VP-Theatres Technology & Presentation
Carlos M. Sepulveda Lead Independent Director