Universal Filmed Entertainment Group and Cinemark Theaters Announce Dynamic Release Window Agreement for Exhibition of Universal Films
This Dynamic Window Provides Flexibility by Allowing Films that Open to More Than $50 Million at the Box Office to Have At Least 31 Days of an Exclusive Theatrical Window, with All Other Titles Receiving a Minimum of 17 Days of Theatrical Exclusivity
Building on the two companies' shared commitment to the theatrical experience, while capitalizing on the opportunity to further adapt to changing consumer behavior, particularly in light of the current COVID-19 environment, Universal Filmed Entertainment Group (UFEG), a division of Comcast Corporation (NASDAQ:CMCSA), and Cinemark Holdings, Inc. (NYSE:CNK) today announced a multi-year agreement under which UFEG films will be exhibited in Cinemark theaters in the U.S.
The agreement includes at least three full weekends (17 days) of theatrical exclusivity for all Universal Pictures and Focus Features theatrical releases, at which time the studio will have the option to make its titles available across premium video on demand (PVOD) platforms. Under the terms of the deal, any title that opens to $50 million or more, including many franchise titles, will play exclusively in theaters for at least five full weekends (31 days) before the title may become available on PVOD.
"Universal's century-long partnership with exhibition is rooted in the theatrical experience, and we are more committed than ever for audiences to experience our movies on the big screen," said Donna Langley, Chairman, UFEG. "Mark Zoradi and the team at Cinemark have been outstanding partners, and Peter Levinsohn [Vice Chairman & Chief Distribution Officer, UFEG] has done a remarkable job on the studio's behalf in making deals that give us the confidence to release our movies in the marketplace, keep the content pipeline moving, and provide consumers with the optionality that they are looking for."
"We are extremely pleased to further enhance our strong partnership with Universal as we evolve the exclusive theatrical window," said Mark Zoradi, Cinemark CEO. "We believe a more dynamic theatrical window, whereby movie theaters continue to provide an event-sized launching platform for films that maximize box office and bolsters the success of subsequent distribution channels, is in the shared best interests of studios, exhibitors and, most importantly, moviegoers."
The full terms of the deal are confidential and are not being disclosed.
UFEG's film slate, including titles from Universal Pictures, Focus Features and DreamWorks Animation, has five theatrical releases remaining on the 2020 calendar: The Croods: A New Age, Half Brothers, All My Life, News of the World and Promising Young Woman.
About Universal Filmed Entertainment Group
Universal Filmed Entertainment Group (UFEG) produces, acquires, markets and distributes filmed entertainment worldwide in various media formats for theatrical, home entertainment, television and other distribution platforms. The global division includes Universal Pictures, Focus Features, Universal Pictures Home Entertainment, DreamWorks Animation Film and Television. UFEG is part of NBCUniversal, one of the world's leading media and entertainment companies in the development, production and marketing of entertainment, news and information to a global audience. NBCUniversal owns and operates a valuable portfolio of news and entertainment networks, a premier motion picture company, significant television production operations, a leading television stations group, world-renowned theme parks and a suite of leading Internet-based businesses. NBCUniversal is a subsidiary of Comcast Corporation.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE:CNK) is one of the largest and most influential movie theater companies in the world. Cinemark's circuit, comprised of various brands that also include Century, Tinseltown and Rave, operates 534 theaters with 5,977 screens globally (332 theaters and 4,522 screens across 41 states domestically; 202 theaters and 1455 screens in 15 countries throughout South and Central America). Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com/.
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