Cineworld, the U.K.’s second-largest cinema chain with 820 screens, has decided not to float on the London Stock Exchange due to adverse market conditions.
Cineworld announced the flotation May 10. But with world stock markets experiencing a downturn and the month-long soccer World Cup likely to keep auds out of cinemas until it wraps July 9, Cineworld chief exec Steve Wiener has decided to wait.
Cineworld is owned by private equity group Blackstone. Market leader Odeon is also owned by a private equity group, as is Vue Entertainment, the third-biggest circuit.