National CineMedia LLC has filed for bankruptcy, a voluntary move the major cinema advertising network revealed Tuesday. Its share price saw a spike amid the news.
"Today’s transactions will position us to deliver the strong results our advertisers and cinema partners have come to expect from us today and well into the future," National CineMedia Inc. CEO Tom Lesinski said.
The COVID-19 pandemic and the restrictions that came along with it "has had, and continues to have, a significant negative impact" on the advertising network’s business, National CineMedia Inc. CFO Ronnie Ng said. Other companies in the cinema industry were also affected, though the sector has since seen gains.
Monterey Park, CA - September 04: Movie goers at the screening of Shang-Chi and the Legend of the Ten Rings at AMC theater on Saturday, Sept. 4, 2021 in Monterey Park, CA. National CineMedia Inc. said it anticipates its fourth-quarter revenue will see a rise of 44% year-over-year, coming in at $91.7 million.
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