“There is no way to sugarcoat this for the theater operators,” said one Wall Streeter as exhibition stocks plunged Thursday on WarnerMedia’s bombshell – a reimaging of its entire 2021 release slate that hit an exhibition industry already teetering on the brink.Cinemark shares– up earlier in the session — lost nearly 22% of their value by the close on news that Warner will direct the entirety of its films next year exclusively to HBO Max for a month before releasing them to theaters.
AMC Entertainment, the biggest and most financially strapped, was down 16%. Marcus lost 13%, Imax 8%, National CineMedia 5%.
That was the opposite direction of the overall market, which ended higher.“This raises the bar for all streamers… If enough major studios
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