No. 49: Loews Cineplex

New York

Revenue: $903.5 million

Loss: $436.2 million

Exhibitor Loews Cineplex has modest corporate goals for the immediate future, and getting out of bankruptcy court is one of them.

But if the end game is simple, there are still a couple of twists in the road ahead. An investors group featuring Canadian conglomerate Onex and Los Angeles buyout firm Oaktree Capital has offered to buy the New York-based circuit for about $100 million in new capital plus some debt assumption totaling $750 million.

But the group has yet to nail down definitive terms of its offer, and some creditors have made it clear they want to find another way of reorganizing the company. Many believe the company ultimately may go to another bidder, though Onex topper Gerald Schwartz vows to see through its proposal.

“We are excited about the opportunity,” Schwartz has said.

Loews, which operates some 2,500 screens in the U.S. and Canada, plans to close up to 25% of its properties to stanch rampant red ink. Its bankruptcy reorganization filing, like 10 others affecting an assortment of U.S. screen circuits, was prompted by an industrywide building binge that left Loews and others with big debt loads even as heightened competish cut into revenue.

More Biz

  • Contract Placeholder Business WGA ATA Agent

    ICM Responds to WGA Packaging Lawsuit: Claims are 'Baseless' and 'Absurd'

    ICM Partners has asked a judge to dismiss the lawsuit filed against four major talent agencies by the Writers Guild of America as part of the larger war between agencies and the guild over packaging fees on TV series and movies. The guild sued ICM, CAA, WME and UTA in California state court in April, [...]

  • New York City NYC Placeholder

    CityFM Podcast Takes a Deep Look at New York’s Music Scene (Listen)

    First among the many projects listed at the beginning of New York Music Month in June was a WNYE radio show and podcast called CityFM that promised to “explore the city’s music culture, emerging artists and trends, and upcoming events told through the lens of what’s happening around the city in Summer 2019.” And while [...]

  • Live Nation Logo. (PRNewsFoto/Live Nation)

    Live Nation Confirms Placing Tickets Directly on Secondary Market at Artists’ Request

    Representatives for Live Nation, the world’s largest live-entertainment company and owner of Ticketmaster, confirmed that it bypassed conventional channels and directly placed thousands of concert tickets on the secondary market upon artists’ request, in an article published in Billboard. In a statement shared with Variety, the company acknowledged that it has facilitated the transfer of [...]

  • Costume designer Michele Clapton

    Costume Designers Fashion a Plan to Fight for Pay Parity in Upcoming Contract Talks

    The Costume Designers Guild Local 892 is gearing up to fight for pay equity in its 2021 contract negotiations with the Alliance of Motion Picture and Television Producers, establishing a pay-equity committee to raise awareness of the scale disparity between the mostly female CDG membership and the mostly male membership of the Art Directors Guild Local [...]

  • Jussie Smollett

    Jussie Smollett Seeks to Stop Appointment of Special Prosecutor

    Jussie Smollett’s lawyers filed a motion on Friday to overturn the appointment of a special prosecutor in his hate crime hoax case, arguing the appointment would expose the “Empire” actor to double jeopardy. Smollett is seeking to reverse an order issued last month by Judge Michael Toomin, who faulted Cook County State’s Attorney Kim Foxx [...]

  • Katy Perry American Idol judge

    Katy Perry Testifies in ‘Dark Horse’ Copyright Trial

    Katy Perry took the stand Thursday and testified that she had never heard the song “Joyful Noise” before she was accused of infringing on its copyright, according to ABC 7 in Los Angeles. Christian hip-hop artist Marcus Gray and the song’s co-writers claim that Perry’s 2013 track “Dark Horse” uses an uses an instrumental phrase [...]

More From Our Brands

Access exclusive content