Cineworld, the second-largest exhibitor in the world, clocked its lowest ever share price today as global markets continue to drop in the face of the coronavirus pandemic. European markets are down…
European markets are down as much as 10% this morning. Entertainment shares are being hit hard, and UK-based Cineworld, which owns U.S. outfit Regal Cinemas, has taken another sharp downturn.
The London-listed company was trading at £0.26 per share earlier today, down 42% from the market opening this morning, before recovering to around £0.38 . In just one week it has fallen from £1.06 per share , and was trading as high as £2.22 earlier this year. Cineworld operates 9,518 screens at 790 sites in 11 countries, encompassing the Regal chain, which it bought for $3.6BN two years ago, and also the Brit indie Picturehouse Cinemas. The company is set to buy Canada’s Cineplex in a $2.3BN deal, struck in December, which would see the combined entity also become North America’s largest exhibitor – no word yet on if the current financial situation could prove problematic for that deal.
However, the problems for cinema owners show no signs of abating. Theaters around the world have shuttered as authorities attempt to stem the spread of Covid-19. Even those that remain open, including in the U.S. and UK, are suffering from a lack of product as distributors delay their major releases to avoid the crisis.
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