national amusements owned by
The company operates more than 1,500 movie screens across the United States, the United Kingdom, Latin America, and Russia under its Showcase Cinemas, Multiplex Cinemas, Cinema de Lux, and KinoStar brands. The negative credit watch – which S&P said means there’s about a 50% chance of the credit rating being slapped down a notch – is also due to jitters at the coronavirus’ impact on 2020 theater attendance as movie releases are delayed and consumers increasingly avoid public areas. In NAI’s case, the debt, of about $300 million, is not huge relative to its assets. “In a worst-case scenario, NAI could sell shares to repay its debt and still maintain voting control at ViacomCBS, though we view this scenario as very unlikely given the recent decline in the value of these shares,” S&p said. It was not the salvation of the Union, it was the rebirth of the Union.”—Woodrow Wilson (18561924), Midway Games - History - Lawsuits and Plan of Liquidation, Rave Cinemas - Rave Theater Locations - Ohio. Listing of all companies (past and present) owned by ViacomCBS, a subsidiary of National Amusements. “In resolving the CreditWatch listing, we will evaluate NAI’s capital structure and our projections for its operating performance in 2020 after it reaches an agreement with its lenders on how it will cure the covenant violation. Launch dates for broadcast, cable and streaming programs, Up-to-date lists for broadcast, cable and streaming series, Pandemic-proof vs. pandemic-contingent broadcast lineups, Signup for Breaking News Alerts & Newsletters, Get our latest storiesin the feed of your favorite networks. NAI’s loan covenants are also linked to maintaining a metric called EBITDA – earnings before interest, taxes, depreciation and amortization – at a certain level. British movie theater chain Showcase Cinemas U.K., owned by the Redstone family’s National Amusements, has confirmed it intends to reopen cinemas on … Predecessors of ViacomCBS are also included in this section. S&P said the group is still in compliance with EBITDA requirements but could face increasing pressure on earnings. However, our view of the company’s liquidity will be depend on the amount of covenant cushion it establishes after curing the current violation and our expectation for its operating performance in 2020.”. National Amusements is now owned by Michael Redstone's son, Sumner Redstone, who holds 80% of the company, and Sumner's daughter, Shari Redstone, who owns the remaining 20%. This section is for companies that no longer exist due to closures or changes in ownership or industry. “Overall, we believe the risk of an actual default remains low. CBS News, owned by the CBS Corporation, is in turn owned by National Amusements. This section is for television production companies, broadcasters / networks and streaming services and platforms. National Amusements, Inc. is a privately owned theater company based in Dedham, Massachusetts, United States. An existing debt covenant requires the value of ViacomCBS stock provided as collateral be worth at least 1.5 times the amount of debt. [1] It was the parent company of the first incarnation of Viacom, CBS Corporation and the second incarnation of Viacom that were split off in 2006; the two separated companies have been re-merged to form … The Company also provides online ticketing, restaurant, and bar services. Through National Amusements, the Redstones control both the CBS Corporation (owner of CBS) and Viacom (owner of Paramount Pictures) through supervoting shares. At the end of 2008, the Redstones' financial troubles started when billionaire Sumner Redstone had to dump $400 million of nonvoting shares. This section is for companies that don't fit into a category or fits in a category that has very few companies (in that industry) owned by ViaCBS. The company was founded in 1936 as the Northeast Theatre Corporation by Michael Redstone.. National Amusements is now owned by Michael Redstone's son, Sumner Redstone, who holds 80% of the company, and Sumner's daughter, Shari Redstone, who owns … The company was founded in 1936 as the Northeast Theatre Corporation by Michael Redstone. S&P said its move follows the steep sell-off in the equity markets due to fears related to the coronavirus, which reduced ViacomCBS’ share price to less than $20 as of March 9 from over $35 on Feb. 19. National Amusements, Inc. is an American privately owned theater company and mass media holding company based in Dedham, Massachusetts and incorporated in Maryland. Listing of all companies (past and present) owned by ViacomCBS, a subsidiary of National Amusements. Subscribe to Deadline Breaking News Alerts and keep your inbox happy. It noted that NAI owns roughly 62.9 million total shares in ViacomCBS but has only included 25 million in its stock pledges to support its debt. We will also evaluate the amount of cushion the company will establish under both its minimum collateral and minimum EBITDA covenants,” S&P said. All Rights reserved. But, after a recent plunge in the market, it was only worth 1.2 times. That could pressure the family-owned theater chain, also called National Amusements and run for years by Shari Redstone under the NAI umbrella. National Amusements, the Redstone family holding company, was placed on negative credit watch by ratings agency S&P Global after shares of ViacomCBS – which NAI uses as debt collateral – skidded so low over the past three weeks that the parent was in technical default on a bank loan. National Amusements. Copyright © 2020 Penske Business Media, LLC. “We believe the company has sufficient assets to cure its covenant violations by adding more shares to the collateral package, using cash on hand to reduce its outstanding debt, or by amending the credit agreement to provide additional headroom. Andrew Cuomo Orders Schools In NYC’s Brooklyn Hotspots To Shut Tuesday In Reopening Setback, Cinema Shares Sink As Market Rallies; Hit By James Bond Delay, Cineworld/Regal Theater Closings, Supreme Court Agrees To Hear Longstanding FCC Case On Relaxing Media Ownership Rules, Trump Says He’s Leaving Hospital Today, Tweets “Don’t Be Afraid Of Covid”; Press Secretary Tests Positive, Cinema Shares Sink; Cinemark Plans To Stay Open; Regal CEO Blames Cuomo For Decision To Close Theaters, ABC’s ‘American Idol’ & AppleTV’s ‘The Morning Show’ Heading Back Into Production, Susan Rovner Officially Joins NBCU As Chairman, Entertainment Content For TV & Streaming Unit. And it’s unlikely the technical breach will become an actual default, S&P said, as banks have given NAI a waiver through March 28 to resolve the situation and could agree to renegotiate the loan terms. This section is for companies that handle film production and distribution. National Amusements' slogan, "Welcome to the Show," was coined by policy trailer producer Pike Productions, Inc., with which National Amusements had an exclusive contract until Filmack acquired Pike in late 2000s. The overall value of NAI’s holdings in ViacomCBS dropped from over $2.4 billion to roughly $1.4 billion.
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