25 Jun 2010 07:00
25 June 2010
Cineworld signs deal for cinema at The O2
The Cineworld Group PLC ("Cineworld"), the UK's only quoted cinema chain, is pleased to announce that it has agreed a 25 year lease with the Waterfront Limited Partnership ("Waterfront"), which is part of the Anschutz Entertainment Group ("AEG"), to operate the multiplex cinema at The O2 in London. Cineworld will operate the cinema as part of its estate with effect from 25th June 2010.
The cinema, which is located inside The O2, the world's most popular music venue*, is an 11 screen multiplex seating a total of 2844people which drew box office of £4.1 million in 2009 (source: Nielsen EDI). The main auditorium houses the largest cinema screen in London and seats up to 770 people.
The financial terms of the agreement are confidential.
Commenting on the deal, Steve Wiener, Chief Executive Officer of Cineworld, said:
"The O2 is a landmark destination in London and we are delighted to have signed this deal with AEG. Not only does this transaction see us expand our London estate, in what is a thriving entertainment facility, but in doing so we will be involved with one of the leading entertainment operators in the world. This is an exciting opportunity for Cineworld and we look forward to providing all cinema-goers to The O2 with the very best in cinema entertainment."
David Campbell, CEO & President, AEG Europe, owners and operators of The O2, added:
"We welcome this deal with Cineworld, who have always impressed us with their consistent, first-class customer experience. The O2 is not just the world's most popular music venue but also has a vibrant Entertainment District, and we see this exciting agreement as a significant step in further developing The O2, and offering visitors the best in big screen entertainment. The recent announcement of a full digital rollout, across the Cineworld estate, will reinforce the offer."
-Ends-
* By ticket sales. Source: Pollstar listed ticket sales
Cineworld
+44 (0)20 8987 5000
Steve Wiener, CEO / Richard Jones, CFO
M: Communications
+44 (0)20 7920 2374
Georgina Briscoe / Lucy Yorke-Long