Following the lead of many of its competitors, Loews sought Chapter 11 protection and announced plans to close 21 of its 365 theaters, none in California. Oaktree Capital Management and Pacific Capital Group Inc. Two studios that owned the bulk of Loews, Sony Pictures Entertainment and Universal Studios, are expected to walk away empty-handed, Tucker said. Experts believe the industry needs to shed up to 10,000 of its current 36,000 screens to correct the imbalance. Rising ticket prices allow the industry to continue to set records even when movie admissions in the United States have declined for the past two years, off about 2.5 percent in 2000. We still think there's a tremendous value in what we offer.
Movies are relatively cheap compared with other entertainment and events.
It's after coming out of a bad movie that people feel a little cheated.