Travis Reid is stepping down from his position as CEO of Screenvision as a result of a personal decision to return home to California and pursue a new career opportunity.
Reid’s departure comes two months after NCM and Screenvision called off their merger in the face of opposition from the federal government. The Department of Justice’s Antitrust Division filed suit in November to block the proposed merger of the cinema advertising networks, citing antitrust concerns.
Reid is an investor in Screenvision and will remain an active member of the board of directors, where he will continue to advise on the transition and strategic initiatives. The company said Friday that its board has began a search for his successor.
Andrew Howard, a partner at Shamrock Capital, indicated that the departure was amicable on the heels of the recent upfront meetings.
“We are very grateful for Travis’s many accomplishments and company leadership while CEO at Screenvision — from the expansion of digital distribution across 100 percent of our national network to increased innovation for the company and category,” Howard said. “We are pleased that Travis will continue to contribute through an involved role on the board. Coming off of a successful upfront event by our sales and marketing teams, Screenvision is pacing significantly ahead of last year and is well poised for continued success.”
The federal lawsuit against the merger noted that the three largest movie circuits in the country — Regal Entertainment Group, AMC Entertainment and Cinemark Holdings — are majority owners of NCM and contended the chains could block NCM from entering into contracts with independent movie theaters that contain upfront payments exceeding $1 million, an important area of competition between NCM and Screenvision.
NCM said in March that the companies had together determined that the ongoing cost and distraction of the suit to their employees, advertisers and exhibitor partners could no longer be justified and that both companies would be better served pursuing their independent businesses as standalone companies.