Stock market downturn prompts exhib to rethink plans
LONDON — Cineworld, the U.K’s second largest cinema chain with 820 screens, has reversed its decision to float citing adverse market conditions.
Cineworld announced its intention to float on the London Stock Exchange on May 10. But with stock markets across the world experiencing a downturn of late, Cineworld chief exec Steve Wiener has decided to pull the flotation.
With the soccer World Cup kicking off in Germany June 9, cinema biz in Blighty is set for a fallow month as auds stay home to watch the action unfold. The tournament wraps on July 9.
Cineworld is owned by private equity group Blackstone. The market leader Odeon is also owned by a private equity group, as is Vue Entertainment, the third-biggest circuit.