Big B, Dharmendra recreate 'Sholay' magic on TV show

New Delhi, Jun 9: Multiplex operator PVR on Monday said it has cut salary across various levels, laid off employees and deferred increments during the lockdown to mitigate adverse impact of COVID-19 on the business.

The company said at present it is not generating any revenue from exhibition business and related activities as cinemas across the country are shut following the directions from the regulatory authorities.

According to the company, closure of screens during the lockdown will have a significant negative impact on profitability and liquidity.

PVR has taken measures to reduce its personnel cost, including salary cuts across various levels in the organisation during the lockdown along with "reduction in headcount by way of layoffs/retrenchment" to mitigate the adverse impact of COVID-19 on the business.

Moreover, the board of the company, in its meeting held on Monday has also approved plan to raise Rs 300 crore through rights issue.

"Since Cinema Exhibition is the only business segment, company is currently not generating any revenue from admissions, food and beverage sales or other revenue and cash flow from operations," said PVR in an update.

Beginning from March 11, PVR started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down, it added.

The company will continue to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments for older working capital.

"This has and will have a significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy," it added.

Further, once the cinemas are re-opened, we may not be able to run our cinemas at normal capacity utilisation levels on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have, the multiplex operator said.

"On account of this, our revenue and cash flow generation may be impeded even once we are allowed to restart operations," it added.

The company has also deferred decision on on increments to reduce its cost, it added.

PVR has also written to developers for waiving rental and CAM (Common Area Maintenance) charges for the lockdown period.

It is in discussion with developers for reducing rentals post re-opening and has invoked force majeure clause in its agreements with them.

Besides, the company has raised additional borrowings from existing bankers to shore up liquidity.

"As of March 31, 2020 the company had cash and bank balance of Rs 316 crore. As on June 7, 2020 cash and bank balance is Rs 227 crore (including undrawn bank lines)," it added.

Over reopening of theatres, PVR said that the government has come out with a phase-wise schedule.

In these guidelines cinema halls have been kept in the third phase of re-opening, where dates will be decided based on assessment of the situation.

"We are in continuous engagement with all regulatory authorities and hope to receive the necessary permissions for restarting opening in the near future," it added.

Currently PVR operates 845 screens in 176 properties in 71 cities.

Los Angeles, Mar 24: In a bizarre video shot from her rose petal filled bathtub, pop star Madonna has called the coronavirus pandemic "a great equaliser".

The music icon said the virus doesn't discriminate between rich and poor.

That's the thing about COVID-1. It doesn't care about how rich you are, how famous you are, how funny you are, how smart you are, where you live, how old you are, what amazing stories you can tell.

It's the great equaliser and what's terrible about it is what's great about it. What's terrible about it is that it's made us all equal in many ways, and what's wonderful about is, is that it's made us all equal in many ways, Madonna said in the video while having a milky bath in tub full of roses.

The 61-year-old singer, who had to cancel two of her concerts in Paris due to coronavirus outbreak, also referenced her 1995 song Human Nature in the video saying we are all going down together .

According to the Johns Hopkins coronavirus tracker, the death toll from the virus globally has risen to 14,641 with 336,000 cases reported in 173 countries and territories.

Washington, Mar 23: Disgraced Hollywood mogul Harvey Weinstein has tested positive for the novel coronavirus, US media reported Sunday.

Harvey Weinstein, 68, is in prison in northern New York state after being sentenced to 23 years in jail for rape and sexual assault.

The fallen film producer's diagnosis was first reported Sunday evening by local paper the Niagara Gazette.

Harvey Weinstein's spokespeople have declined to comment to US media on the subject.

The New York state Department of Corrections did not respond when contacted by AFP for confirmation of the reports.

Harvey Weinstein was transferred Wednesday to a prison near Buffalo, 350 miles (560 kilometers) northwest of New York City.

Prior to his transfer, he stayed at Rikers Island prison and a Manhattan hospital, where he was treated for chest pains.

Crowded US prisons have the potential to become hotbeds for coronavirus infections. Last week, guards at Rikers and New York's Sing Sing prison tested positive for the virus, local media reported.

As of Sunday, the virus has killed 417 people in the US out of more than 33,000 cases, according to a tracker managed by Johns Hopkins University.

Harvey Weinstein was convicted in February of a criminal sexual act in the first degree and rape in the third degree, while being cleared of predatory sexual assault charges.

He was convicted of raping ex-actress Jessica Mann in 2013 and of forcibly performing oral sex on former production assistant Mimi Haleyi in 2006.

Nearly 90 women, including Angelina Jolie and Salma Hayek, have leveled sexual misconduct allegations against Harvey Weinstein, the Oscar-winning producer of "Shakespeare in Love" and numerous other critical and box office hits.