Time to buy into the Horror Show?
Cinemas have had a diabolical few months under lockdown. Movie premieres were postponed, popcorn went stale and the only way a selection of furloughed dramatics could express themselves was via TikTok. The media market has become a horror show, but will this provide an investment opportunity?
Everyman has a plan Everyman Media Group’s (LON:EMAN) 27 locations have inevitably taken a hit following the government’s decision to close cinemas. Shares are down 60% since the lockdown was announced in March, and during the period of closure all but 18 staff were furloughed. But the group was quick to formulate several contingency plans which will aid it in its recovery. In April the share price rose after Everyman announced it raised £17.5m through an oversubscribed share placing. It was promising to see majority shareholders show faith by acquiring 3m shares each: Blue Coast Private Equity and BlackRock now…