Mooky Greidinger

Last updated

Mooky Greidinger
Born
Moshe Joseph Greidinger

1953or1954(age 69–70) [1] [2]
Haifa, Israel
Education Hebrew University of Jerusalem
OccupationBusinessman
Parent

Moshe "Mooky" Joseph Greidinger (born December 1952[ citation needed ]) is an Israeli businessman. He was the chief executive officer (CEO) of Cineworld, the world's second largest cinema chain. [3] [4] Together with his brother Israel, they owned 29% of the company. On 31 July 2023, it was announced that Mooky and his brother will leave Cineworld, after the company entered Chapter 11 process in September 2022. His family has had interests in the cinema business since the 1930s.

Contents

Early life, family and education

Moshe Joseph Greidinger, known as "Mooky", was born in Haifa [5] to Dahlia Greidinger née Katzenelbogen-Katz (1926–1979), a scientist who helped develop the country's chemical industry, and Kalman Kenneth "Kenny" Greidinger, whose father Moshe Greidinger and mother Rebecca Chissick Greidinger had emigrated from Romania and had business interests in food, shipping, and real estate. [1] Mooky has a brother, Israel, who works alongside him. [1] [6]

Greidenger graduated from the Hebrew Reali School in Haifa, Israel in 1970. He later studied economics at the Hebrew University of Jerusalem in Israel. [7]

Career

Greidenger's paternal grandfather Moshe Greidinger invested in his first cinema, Ein Dor, in Hadar, Haifa, in 1930. [1] [8] He opened the Armon cinema in Haifa in 1935. [1] After his death in 1946, his son Kenny expanded the cinema business. [1] Young Mooky worked at the ticket desk, in the projection room, and as an usher in his father's cinemas throughout his school years. [8] He joined his father's business in 1976, and encouraged the company—now called Cinema City International—to expand overseas with a location in Hungary in 1997. [8]

In May 2014, Greidinger joined the board of directors of Cineworld as CEO, having previously been CEO of Cinema City International. [3] Cinema City International was Europe's third largest cinema operator until its takeover by Cineworld in 2014. Following the takeover, Cinema City owned 24.9% of the combined Cineworld group. [9] In 2017, Cineworld announced its agreement to acquire Regal Entertainment Group for $3.6 billion, giving it more than 9,500 screens in 10 countries. [10]

In 2020, Cineworld was due to buy Canada's Cineplex Entertainment for US$2.1 billion, making it the world's largest cinema chain (ahead of AMC Theatres) with over 11,000 screens. [1] However, on 12 June 2020, Cineworld abandoned the takeover before the end of June deadline, citing "certain breaches" of contract, and a legal battle is likely. [11] In July Cineworld sued Cineplex for $1.1 billion in damages; Cineplex planned to counter-sue for around $12 million. [8]

As of January 2020, Greidinger and his brother Israel Greidinger, who is deputy CEO of the company, [6] own 29% of Cineworld. [1] According to a Globes article of January 2020, "Those who know the Greidingers say they are not so much consumed with making money as becoming the world's number one cinema chain". [1]

In March 2020, at the beginning of the COVID-19 pandemic, the attendance at the theaters decreased dramatically, and many were forced to be closed. This resulted in a major drop in Cineworld business, and in September 2022 it applied for bankruptcy protection at a US court. [12]

In July 2023, it was announced that Greidinger would be stepping down as chief executive of Cineworld. [13]

Personal life

Greidinger resides in Haifa, Israel. [1] His son Idan has a management position in the company. [1]

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References

  1. 1 2 3 4 5 6 7 8 9 10 11 Kotler Hadari, Zeela; Uni, Assaf (5 January 2020). "First Haifa, then Tel Aviv, then the world". Globes .
  2. ↑ Goodfellow, Melanie (21 March 2004). "Moshe 'Mooky' Greidinger: International Achievement In Filmmaking Award". Variety . Retrieved 24 February 2021.
  3. 1 2 "Our Board". CineworldPLC.com. Retrieved 24 February 2021.
  4. ↑ Tartaglione, Nancy (6 April 2020). "Cineworld Boss Mooky Greidinger On Coronavirus Impact, Staying Optimistic & Why Overseas Markets Will Need Domestic To Open Before Ramping Into Action". Deadline Hollywood .
  5. ↑ Lally, Kevin (8 April 2016). "Expanding Cineworld: Mooky Greidinger earns CinemaCon global honor". FilmJournal International. Retrieved 24 February 2021– via fj.webedia.us.
  6. 1 2 Grater, Tom (25 January 2021). "Cineworld Shareholders Approve Controversial $284M Incentivized Bonus Scheme". news.yahoo.com. Retrieved 24 February 2021.
  7. ↑ "Management Board". imsp.pl. Cinema City International NV. 28 July 2011. Archived from the original on 28 July 2011. Retrieved 24 February 2021.{{cite web}}: CS1 maint: unfit URL (link)
  8. 1 2 3 4 Hancock, Alice (10 July 2020). "Mooky Greidinger 'a cinema guy over and out'". Financial Times . Retrieved 18 July 2020.
  9. ↑ "UK group to merge with Cinema City International". Polskie Radio dla Zagranicy. 10 January 2014.
  10. ↑ Bray, Chad (6 December 2017). "UK firm to acquire US theaters". The Boston Globe . The New York Times. p. B10 – via Newspapers.com.
  11. ↑ "Cineworld scraps $2.8-billion takeover of Canada's Cineplex, setting up legal battle". CBC.ca. 12 June 2020. Retrieved 23 June 2020.
  12. ↑ "Movie chain operator Cineworld files for U.S. bankruptcy". 7 September 2022.
  13. ↑ Jones, Callum (13 July 2023). "New boss to lead Cineworld out of bankruptcy as family step aside". ISSN   0140-0460 . Retrieved 15 July 2023.
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