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    Netflix’s ‘Knives Out’ Sequel Headed to Theaters Before Streaming

    “Glass Onion: A Knives Out Mystery” will receive a weeklong release in about 600 theaters in the United States a month before it becomes available on Netflix.Netflix is giving theater owners a Thanksgiving present.The streaming giant announced on Thursday that “Glass Onion: A Knives Out Mystery” will be released in around 600 theaters across the United States for one week beginning on Nov. 23 before becoming available to stream around the world on Dec. 23.The largest theater chains — AMC Theaters, Regal Cinemas and Cinemark — have all agreed to the deal, a first for the top exhibitors. Cinemark screened Netflix films in the past. But Regal and AMC previously refused to work with the company because it would not agree to the exclusive theatrical release periods and financial terms that are usually offered by traditional studios. Terms of the deal for “Glass Onion” were not disclosed.Yet the news now comes as a welcome relief to the industry after the past month, in which theaters generated just $328 million in ticket sales. That was the lowest number in September since 1996, with the exception of the pandemic year of 2020. The original “Knives Out,” starring Daniel Craig as the quirky detective Benoit Blanc, was a sleeper hit in 2019. It cost $40 million to make and grossed $165 million in North American theaters and $311 million worldwide. It was considered a prime example of how studios could successfully release films based on original ideas in theaters.But the chances of replicating that theatrical success seemed to be squashed last year when Netflix plunked down $465 million for the writer-director Rian Johnson to move his star-studded franchise to the streaming service for its next two iterations.“I’m over the moon that Netflix has worked with AMC, Regal and Cinemark to get ‘Glass Onion’ in theaters for this one-of-a-kind sneak preview,” Mr. Johnson said in a statement. “These movies are made to thrill audiences, and I can’t wait to feel the energy of the crowd as they experience ‘Glass Onion.’”The raucous reception for the film at its debut at the Toronto Film Festival last month inspired Netflix to pursue a more expansive theatrical strategy than it had for other films.Whether this development means that Netflix is willing to take a more traditional approach to theatrical distribution remains to be seen. The streaming service said it also did not plan to publicly report how the film did at the box office during its weeklong run. More

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    Regal Cinemas Parent Cineworld Files for Bankruptcy

    The British movie theater chain Cineworld, weighed down by a mammoth debt pile, filed for Chapter 11 bankruptcy in the United States on Wednesday, having failed to rebound from the pressure inflicted by the pandemic.Cineworld, the world’s second-largest theater chain after AMC Theaters, will seek to significantly reduce its debt through reorganization, the company said in the filing.The company, which is based in London and operates Regal Cinemas in the United States, reported $8.9 billion in debt at the end of 2021, including $4 billion in lease liabilities. Some of the debt was taken on in the pandemic as the company sought to outlast lockdowns that had sapped its revenue.Cineworld said Wednesday in its filling that it had secured $1.94 billion in debtor-in-possession financing that would allow it to keep up its operations while it restructures its obligations.Movie theaters worldwide have faced financial challenges in the last few years, brought on by popular streaming services like Netflix and pandemic shutdowns. Some theater chains have resorted to a number of tactics to bring in revenue, including membership packages, mobile food ordering and expanded alcohol sales.The period from May to October typically accounts for 40 percent of annual ticket sales, but theaters struggled this summer despite strong turnout for films like “Jurassic World Dominion,” “Minions: The Rise of Gru” and “Thor: Love and Thunder.”Cineworld did not immediately respond to a request for comment.“The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point,” Mooky Greidinger, the company’s chief executive, said in the filing. “This latest process is part of our ongoing efforts to strengthen our financial position and is in pursuit of a de-leveraging that will create a more resilient capital structure and effective business.”Shares of Cineworld, which are traded on the London Stock Exchange, have lost close to 86 percent of their value since the beginning of the year and the company reported a loss of $565.8 million in its most recent earnings report.The filing signals a substantial decline for the company. Before the pandemic, Cineworld had entered an agreement to acquire the Canadian company Cineplex, but it backed out of the deal in June 2020 after the pandemic hit. Cineplex sued for breach of contract, winning a fine of close to $1 billion from a Canadian judge, which Cineworld has yet to pay. More