EXCLUSIVE: We’re hearing from several sources in distribution and exhibition this morning that Regal Entertainment Group CEO Amy Miles, President and COO Greg Dunn, and SVP, chief content and programming officer Steve Bunnell are leaving the exhibitor as Cineworld closes its $3.6 billion deal next week to acquire the Philip Anschutz-controlled Regal.
If the deal doesn’t close, then the trio will remain. Details are still unfolding, but the rumor is that Miles is being bought out, and that Dunn will be with the company until April 1. Industry sources say Dunn was offered a deal to say, but decided against it. We also hear there will be even more executive departures as Cineworld takes control. This news comes less than three weeks after Regal’s shareholders approved the acquisition.
Cineworld's $3.6B Acquisition Of Regal Cinemas Approved By Shareholders
Calls made to Regal and its executives were not returned.
The acquisition of Regal by UK -based Cineworld will create the world’s second-largest cinema group after AMC Theatres, operating in 10 countries with 9,542 screens across the U.S. and Europe.
Miles, a Regal Cinemas veteran whose roles there have included EVP, Chief Financial Officer and Treasurer, was made CEO in June 2009 and was appointed to serve as board chair in March 2015. She has worked almost 20 years at the company after joining from Deloitte & Touche in 1999.
Dunn has served as EVP and Chief Operating Officer of Regal since March 2002 and became President in May 2005. He previously was VP of Marketing and Concessions from 1991-1995.
In June 2016, Bunnell joined Regal based in the company’s Woodland Hills, CA office. The move came just 14 months after he had joined Universal Theatrical Distribution, first as SVP and assistant general sales manager, then as EVP and general sales manager that January after veteran Mark Gaines retired. Before Universal he was EVP Global Content Programming at Cinemark Theatres.
As of 1:04 PM ET, Regal was trading at $22.97, +0.13%.
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