Key events, in time order
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Facts and opinions separated · All items sourced · Not investment advice
Runs movie theaters (Reading, Angelika, Consolidated) plus owns the real estate under them across the US, Australia, and New Zealand—a landlord that also sells popcorn.
Ticket and concession sales fund operations, but the business loses money annually: USD 0.01B net loss in 2025 and USD 0.04B in 2024. Gross margins hover near 10-14%, thin for a capital-heavy exhibitor.
Prime urban cinema locations and owned land create entry barriers, but streaming and studio window changes let AMC Entertainment and REGAL Cinemas compete hard on price and experience. Moat is eroding as theater attendance structurally declines.
