ABS-CBN Corporation, the country’s leading media and entertainment company, has entered into an agreement with CityMall Commercial Centers, Inc. (CMCCI), to manage the cinemas of the growing independent community mall chain across Luzon, the Visayas and Mindanao.
Under the partnership, ABS-CBN shall manage the booking and the food and beverage operations of CityMall’s mini theaters, while CMCCI, a subsidiary of DoubleDragon Properties Corp., will build and open the cinema infrastructure.
The theaters will be built in CityMall branches in Tagum, Davao, Victorias, Negros Occidental, Anabu, Imus, Cotabato City, Bulua, Cagayan de Oro, Koronadal City, Consolacion, Cebu, Mandalagan, Bacolod City, Sta. Rosa, Nueva Ecija, and Dumaguete, Negros Oriental.
As CityMall’s cinemas’ booking agent, ABS-CBN shall determine what movies shall be screened, including the regular screening of Star Cinema productions.
ABS-CBN Chairman Eugenio Lopez III, ABS-CBN President and CEO Carlo Katigbak, ABS-CBN group Chief Finance Officer Rolando Valdueza, Star Creatives COO Malou Santos signed the partnership together with CityMall Commercial Centers, Inc. Chairman Edgar Sia II and President Ferdinand Sia.
ABS-CBN’s venture into cinema management is part of the company’s consumer business, which now accounts for P17 billion in annual revenues, or 45 percent of total company revenues, with the remaining 55 percent percent generated from advertising. It is generated from three types of businesses, namely subscription, ticketed experiences, and durable goods.
ABS-CBN recently reported a consolidated revenue of P31.1 billion for the first nine months of 2016, with a net income to PHP 2.85 billion, 50 percent higher compared to the same period last year. (MS)