{"id":90842,"date":"2020-10-16T18:47:22","date_gmt":"2020-10-16T15:47:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/warner-bros-execs-not-interested-in-buying-struggling-theaters\/"},"modified":"2020-10-16T18:47:22","modified_gmt":"2020-10-16T15:47:22","slug":"warner-bros-execs-not-interested-in-buying-struggling-theaters","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/warner-bros-execs-not-interested-in-buying-struggling-theaters\/","title":{"rendered":"#Warner Bros. execs not interested in buying struggling theaters"},"content":{"rendered":"

“#Warner Bros. execs not interested in buying struggling theaters<\/strong>”
\n<\/p>\n

\n It looks like Hollywood has no plans to save the struggling movie theater business, despite being given the greenlight earlier this year to start owning cinemas again after a 72-year ban.<\/p>\n

Donna Langley, chairman of Universal\u2019s filmed entertainment group and Ann Sarnoff, chair and chief executive of Warner Bros. laughed off any speculation that their respective studios would be interested in buying theaters on Thursday.<\/p>\n

\u201cWe have no plans to do that currently,\u201d said Langley, who app<\/a>eared with Sarnoff on a Milken Institute Global Conference virtual panel about COVID-19\u2019s impact on Hollywood.<\/p>\n

\u201cWe have no plans either,\u201d Sarnoff said with chuckle.<\/p>\n

The question comes as movie theater chains struggle to stay alive. AMC, the country\u2019s largest chain, said this week that it expects to run out of cash by the end of the year or early 2021.<\/p>\n

Even diehard movie buffs have little incentive to go to the theater these days because Hollywood has pushed back their big film releases to 2021 and has been sending their smaller budget films direct to streaming.<\/p>\n

Disney pushed \u201cBlack Widow,\u201d starring Scarlett Johansson, from Nov. 6 to May 2021. It also decided to bring \u201cSoul,\u201d a Pixar movie set to debut in theaters on Nov. 20, to its streaming service, Disney+ on Christmas day.<\/p>\n

Warner Bros. recently\u00a0delayed \u201cThe Batman,\u201d\u00a0starring Robert Pattinson from Oct. 1, 2021 to March 4, 2022, while MGM has delayed the upcoming James Bond flick: \u201cNo Time to Die,\u201d starring Daniel Craig until April 2 from Nov. 12.<\/p>\n

With a dearth of big budget films debuting this year, Cineworld, which operates Regal, the country\u2019s second largest movie theater, recently called it quits and closed all its US, UK and Irish theaters for the second time since March.<\/p>\n

Eric Wold, a media<\/a> analyst from B. Riley characterized this year\u2019s movie industry as \u201cthe perfect storm, and said he expects the domestic box office to fall a whopping 80 percent in 2020, worse than his prior prediction of a 70 percent dip. He also expects 2021\u2019s box office sales to be down 30 percent from 2019 levels.<\/p>\n

In August, the Department of Justice paved the way for studios to own theaters again when it scrapped a set that had severely limited Hollywood from owning movie theaters since 1948. That, coupled with major movie theater chains\u2019 recent financial woes, has raised speculation that that studios could soon seek to gobble up the big screens they use to show off their work.\u00a0<\/span><\/p>\n

But major media companies are busy building their own streaming services and are dealing with their own economic fallout from the pandemic. Still, the notion isn\u2019t implausible. Disney already owns the El Capitan Hollywood theater, while Reed Hastings\u2019 Netflix owns the Egyptian Theater\u00a0in Hollywood and the\u00a0Paris Theater\u00a0in New York.<\/p>\n

Still, Warner Bros.\u2019 Sarnoff wasn\u2019t taking the bait.<\/p>\n

\u201cI\u2019m kind of an armchair sociologist and I believe people want to have communal experiences and especially with certain genres,\u201d she said. \u201cWe\u2019re big fans of the exhibitors. They\u2019ve been good partners of ours for many decades. We\u2019re rooting for them. I know it\u2019s tough sledding right now. I\u2019m hoping they come out on the other side, probably even stronger.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Warner Bros. execs not interested in buying struggling theaters” It looks like Hollywood has no plans to save the struggling movie theater business, despite being given the greenlight earlier this year to start owning cinemas again after a 72-year ban. Donna Langley, chairman of Universal\u2019s filmed entertainment group and Ann Sarnoff, chair and chief executive…<\/p>\n","protected":false},"author":1,"featured_media":90843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/AMC_night-e1602862941175.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[75999,1545,70584,4979,59893,39146],"class_list":["post-90842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-16-20","tag-coronavirus","tag-mergers-acquisitions","tag-movie-theaters","tag-universal-pictures","tag-warner-bros"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/90842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=90842"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/90842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/90843"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=90842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=90842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=90842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}