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 & 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 chief operating officer 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% of total company revenues, with the remaining 55% 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% higher compared to the same period last year.
ABS-CBN is home to the nation’s top-rating TV programs, box-office films, and best-selling books and music. With the ability to harness the latest in technology and innovation, the company is rapidly transitioning into an agile digital company with the biggest online presence among all media companies, and a growing list of digital properties. ABS-CBN was also first in the country to offer content online and on mobile, and even pioneered digital television in the nation.