Tue
Dec 5 2017
05:48 am

Report: "Regal Entertainment Group entered into a definitive merger agreement with Cineworld Group PLC for Cineworld, the U.K.’s largest cinema operator, to acquire Regal."

According to the article, Regal CEO Amy Miles said Cineworld is committed to maintaining a "strong presence in the US and Knoxville."

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bizgrrl's picture

Cool. I hope they send over

Cool. I hope they send over lots of their British employees.

michael kaplan's picture

(link...) Maybe Bill Lyons

(link...)

Maybe Bill Lyons could comment on the implications for Knoxville taxpayers who have subsidized the downtown Riviera and the Regal headquarters building on the old Baptist site.

bizgrrl's picture

No need for comment by Bill

No need for comment by Bill Lyons or the City of Knoxville at this time. There is no indication that Regal won't use the new downtown headquarters.

Woodchuck's picture

Will Regal honor their end of the deal?

They had an obligation to generate x number of jobs in exchange for the millions the City has poured into their new home on the river.

Scripps is losing many, many good paying jobs in Knoxville in connection with their acquisition by Discovery Network, many repetitive functions are being eliminated or absorbed by the departments in the headquarters in Maryland.

The Ruby Tuesday acquisition has essentially gutted their operations in Maryville, the headquarters building has been sold and is currently utilized by other businesses not Ruby Tuesday.

To think there will be no loss of jobs at Regal is perhaps as short sighted as the decision to pour millions into the project on the river. The Regal deal, in classic City of Knoxville style, was all form over substance, how it will look rather than how it really is, and nothing should be expected to change, except the loss of jobs on the river, in connection with their acquisition by Cineworld.

michael kaplan's picture

Reasonable comments. If

Reasonable comments. If Cineworld, say, decides to close theaters, and Riviera is one of those theaters, does the property revert to the Haslam et al investors? Would the IDB/CoK lose its ownership of the theater? Those are hypothetical questions, but could be relevant when reviewing other projects in the pipeline ...

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