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Cineworld is missing the big picture

Cineworld’s cinema in Leicester Square, central London, is among those that have been closed as a result of Covid-19 lockdowns
Cineworld’s cinema in Leicester Square, central London, is among those that have been closed as a result of Covid-19 lockdowns
DAN KITWOOD/GETTY IMAGES

You can’t fault Mooky Greidinger for ambition (Dominic Walsh writes). Who else but the Cineworld chief executive would pursue a £1.6 billion takeover of a Canadian cinema operator at a time when his company’s balance sheet was already groaning under the debt taken on to acquire Regal, America’s second biggest chain, for £4.2 billion? Who else would keep insisting that Netflix, Amazon Prime, Disney+ and other home-streaming services were not a threat to cinemas in the face of mounting evidence to the contrary? And who would accept a new long-term incentive plan that could pay out as much as £65 million to both him and his deputy — his brother Israel, 59 — when the company is drawing on government support to survive?

Mr Greidinger,