Theater Stocks Plunge After Warner Bros. Sends 2021 Films to HBO Max

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variety.com

Brent Lang Executive Editor of Film and MediaIt’s a bad day to be a movie theater.Warner Bros.’ announcement on Thursday that it will release its entire 2021 movie slate on HBO Max at the same time the films open in cinemas sent exhibition industry stocks tumbling.Cinemark fell more than 21%, Imax slid more than 7.3% and the Marcus Corporation fell more than 11%.

AMC started out the day with its stock being pummeled after it announced it was selling 200 million shares in a bid to raise $844 million and improve its liquidity.

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