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Cinemark Reaches Deals With Hollywood Studios to Show Movies

Cinemark Holdings Inc. struck agreements to show films from some of its major Hollywood studio partners, a move aimed at establishing how long movies play in theaters before moving to home video.

The movie-theater company on Friday said the deals—with Warner Bros. Picture Group, Walt Disney Co. , Paramount Pictures and Sony Pictures Entertainment—build on a November pact with Universal Filmed Entertainment Group.

Cinemark didn’t disclose terms of the deals. “Some go for multiple months; some go for multiple years,” Chief Executive Mark Zoradi said on a call with analysts.

Under Cinemark’s deal with Universal, movies that gross more than $50 million domestically during their first weekend in theaters will continue to be shown in theaters exclusively for five weekends, or 31 days. After that, while theaters can continue to screen a film, the title would be available concurrently on premium online rental platforms like Apple TV and Amazon Prime Video.

“In our ongoing efforts to maximize attendance and box-office during the pandemic and beyond, our goal is to provide the widest range of content with terms that are in the best long-term interests of Cinemark, our studio partners and moviegoers,” Mr. Zoradi said.

Article source: https://www.wsj.com/articles/cinemark-reaches-deals-with-hollywood-studios-to-show-movies-11620397200

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