Legendary entertainment company files Chapter 11 bankruptcy
The company has produced massive film hits and has numerous scripted and reality television programs in its library.
The Covid pandemic may not have killed the movie industry, but it wounded it gravely.
Even before the virus forced people out of movie theaters, the movie business had changed. Consumers were willing to go to theaters for the biggest films, and in some cases, really big family films, but it was very hard for all other types of movies to get people to go to theaters.
Related: Huge mall retailer considers bankruptcy and closing all stores
That's because most people have a large screen with good sound right in their living room. Because of that and the rising cost of going to theaters, it has become much easier to simply wait for a film to hit streaming.
The problem with that is many high-cost films have flopped at the box office. In the short term, that's great for streaming networks and people waiting to watch at home.
