Mooky Greidinger; who is the Cineworld CEO as the popular cinema chain goes into administration?

With what is being considered the “blockbuster cluster” coming up this summer, with films such as Indiana Jones and The Dial of Destiny, Mission Impossion - Dead Reckoning: Part One, Barbie and Oppenheimer all being released in close proximity, the allure of going to the cinema to catch at least one of these films is strong with a number of cinema goers.

That is, however, if there is a cinema in the vicinity of said cinema goers left to visit. Cineworld, one of the UK’s largest cinema chains, is set to go into voluntary administration next month (July), as the firm continues to struggle offsetting the £3.9 billion GBP COVID-19 lockdown debt that accumulated throughout the advent of the coronavirus protocols.

That includes a restructuring of the company's finances and will see its debts cut by about $4.5bn. A sale of rights in the business has raised $800m and it will also have access to a further $1.46bn in funds if required. The voluntary administration will also mean that Cineworld Group plc will see its shares suspended and existing shareholders wiped out.

The company attempted to sell its businesses in the US, UK and Ireland earlier this year, but had to drop the sales after failing to find a buyer. Though the company expected that audiences would not reach the heights they had pre-pandemic just yet, the normalisation of movies going straight to streaming services either alongside or after a brief cinema run has also been attributed to a cause in the lack of business.

However, it’s business as usual for the company, who issued a statement reading “Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration. The group and its brands around the world - including Regal, Cinema City, Picturehouse and Planet - are continuing to welcome customers to cinemas as usual."

Good news for cinemagoers, for now it seems - but will Cineworld’s CEO, Mooky Greidinger, have any plans after going into administration to save us from a world with less cinemas to visit on a Saturday afternoon?

Who is Mooky Greidinger?

Mooky Greidinger, born Moshe Joseph Greidinger in December 1952, is an Israeli businessman and owns 29% of Cinemaworld. Greidinger is no stranger to the cinema business however, with his family having been involved in the pastime since the 1930s, with his grandfather, Moshe Greidinger, making his first cinema investment in 1930. Mooky started working in his father's cinemas during his school years, learning various aspects of the business.

After joining his father's company in 1976, Greidinger played a key role in expanding the business internationally. In 1997, as CEO of Cinema City International, he oversaw the company's expansion into Hungary. In 2014, Greidinger became the CEO of Cineworld after Cinema City International was acquired by the company. 

This acquisition resulted in Cinema City owning 24.9% of the combined Cineworld group. In 2017, Cineworld further expanded its reach by acquiring Regal Entertainment Group for $3.6 billion, solidifying its position as a global cinema powerhouse.

However, the COVID-19 pandemic severely impacted the cinema industry, and Cineworld faced significant challenges. In September 2022, the company applied for bankruptcy protection in a US court due to the dramatic decrease in theatre attendance and widespread closures. This move marked a difficult period for Cineworld and its operations.

As of January 2020, Mooky Greidinger and his brother Israel owned a substantial stake of 29% in Cineworld. Their focus has not solely been on financial gain, but also on achieving the vision of becoming the world's leading cinema chain.

What is Mooky Greidinger's net worth?

As of 2023, Mooky Greidinger's net worth is estimated to be $50 million USD, though that value may not include liquid assets including shares in Cineworld and its subsidiaries.