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It looks increasingly likely that Cineworld will be sold off in parts as it emerges from bankruptcy, as the beleaguered theater chain has been unable to find a buyer for the whole company, Tim writes.

Why it matters: Cineworld, the world's second-largest theater chain behind AMC, is either the harbinger of movie theaters' bleak future or an isolated disaster due to its $6 billion debt load. 

Driving the news: Two buyers from the private equity world emerged over the weekend, with both Elliott Management and CVC Capital Partners eyeing Cineworld's businesses in Eastern Europe and Israel, Sky News reported.

Elliott had previously weighed a bid for the whole company, reported Sky. 

Cineworld has 112 theaters in Israel and eastern Europe, with the majority of those in Poland and Romania. 

Cineworld's biggest presence is in the U.K. and U.S., where it has more than 600 theaters. It has yet to find a buyer for those. 

The big picture: Cineworld has been running two parallel processes as its tries to get out of bankruptcy — one for a restructuring and one to sell the company as a whole. 

After receiving interest from multiple parties, Cineworld said in February that while it had some offers for its non-U.S. and U.K. businesses, it had zero all-cash offers for the entire company.

What's next: Final bids for Cineworld are due April 10. Cineworld is also preparing its restructuring plan to be voted on by May 30. 

There is an April 20 shareholder meeting scheduled in London, which is required by U.K. securities law, "in circumstances where the value of the company's net assets is less than half of its called up share capital," Cineworld said. 

Cineworld has previously warned shareholders they're likely to be wiped out.

Cineworld's future uncertain as buyers eye parts of theater company

1 big thing: Cineworld's fractured future

Illustration of a movie theater marquee with question marks on it

Retail investing platform Investing.com is acquiring StreetInsider for more than $10 million.

Why it's the BFD: The addition of StreetInsider's news and analysis helps Investing.com become a one-stop shop for the increasing amount of retail investors, Tim writes.

Details: StreetInsider will remain a stand-alone business. 

Some of StreetInsider's content will remain exclusive to its own platform, while its core news services like its Hot list, Rumors, Trader talk, Momentum Movers and Trading Halts feeds will be integrated within Investing.com's mobile apps and website.

"StreetInsider is thrilled to join the Investing.com team in the quest to level the playing field for all investors," said Lon Juricic, founder of StreetInsider. "Crucially, Investing.com's acquisition of StreetInsider acknowledges that in this ongoing 'Information Age,' content is king."

Catch up quick: Investing.com was acquired by an East Asia-based private equity fund for $500 million in 2021. 

The company launched its InvestingPro subscription product last May, following its acquisition of Finbox.

Investing.com buys StreetInsider for $10M

2. The BFD: Retail roll-up 

Illustration of a handshake with shapes and dollar elements.

Data: Box office mojo/Lionsgate; Chart: Axios Visuals

"John Wick: Chapter 4" earned more than $73 million at the box office this weekend, a new record for the Keanu Reeves-led film franchise. 

Why it matters: So much for franchise fatigue, Tim writes. "John Wick" was the third film this month to open to franchise-best numbers, following "Creed III" and "Scream VI." 

The big picture: Despite the underperformance from the latest "Ant-Man" and "Shazam!" sequels, audiences will still flock to theaters for franchise films with strong word of mouth and critical reviews. 

"John Wick," "Scream" and "Creed" each had audience scores over 90% on Rotten Tomatoes. "Ant-Man and the Wasp: Quantumania" and "Shazam! Fury of the Gods" decidedly did not. 

Be smart: The success of "John Wick" comes as Lionsgate is in the midst of separating its studio business from Starz, which many in the industry believe is designed to make Lionsgate look more attractive to a buyer.

💭 Tim's thought bubble: The best and most profitable franchises are mostly ones that didn't start out with a 10-year plan, but just a single movie that people liked enough to warrant more.

Film franchises retake the box office with record opening weekends

3. Charted: Yeah, we're thinking franchises are back 

• Monarch Collective, a new investment firm focused on women's professional sports, has raised $100 million for its debut fund, Dan Primack reports. https://axios.link/3nsPaqz

• Giadzy, a New York-based lifestyle brand and marketplace launched by chef Giada De Laurentiis, raised $5m led by defy.vc. https://axios.link/42I0tLN

• Elliott Investment Management said it won't proceed with its plan to nominate directors to the Salesforce board. https://axios.link/3z6NXbh

4. Deal flow

• Jacob Andreou will leave Snap as head of growth to join Greylock as a general partner, he tells Fortune. https://axios.link/3FPSgvl

• Rob Wilk, Microsoft's longtime global head of ad sales, is joining Snapchat as president of Americas, Ad Age reports. https://axios.link/3lCAEfG

5. Movin' on up (or out)

Musk puts $20 billion value on Twitter (The Information)

"In his email to staff, Musk said that Twitter 'can be thought of as an inverse startup,' an apparent reference to the fact that he has slashed Twitter's staff by 75%, shrinking its workforce to its earlier days as he attempts to transform the company by broadening its revenue to include subscriptions as well as advertising," Erin Woo and Martin Peers write.

Biden's TikTok dilemma: Go after China or pursue social media antitrust claims (THR)

"By banning the platform, the government risks prioritizing alleged national security interests at the expense of its antitrust agenda. Meta and Google, fighting lawsuits from competition enforcers seeking to break up the companies, stand to gain the most if TikTok is banned," Winston Cho writes. 

The digital media rollup dream is dead for the moment — now it's all about core brand strength (CNBC)

"What you're finding is companies are trying to find a non-substitutable core," said Jonathan Miller, the CEO of Integrated Media, which specializes in digital media investments. "The era of trying to put these companies together is over, and I don't think it's coming back."

6. Channel surfing

Illustration of a remote control in the shape of a surfboard leaning against a VW bus.

🏦 Situational awareness: Another weekend, another bank deal. Silicon Valley Bank found a buyer — as of this morning, its remaining depositors will become customers of First Citizens BancShares. More from Axios' Dan Primack here.

👨‍🔧 Axios Pro Tech Policy launches today. Sign up here.

@tim_bays: "Yellowjackets" on Showtime. My wife and I got immediately hooked and blew through Season 1. Bring on Season 2. 

@kerrymflynn: "John Wick: Chapter 4" at AMC Theatres. "It wasn't just a puppy." 🐶

✏️ Thanks to Michael Flaherty for editing and Katie Lewis for copy editing this newsletter.

Thank you for reading Axios Pro Media Deals! Please ask your friends, colleagues and Cineworld shareholders to sign up.

March 27, 2023

1 big thing: Cineworld's fractured future