Reading International is a small entertainment company that operates cinemas and owns real estate. Cinema exhibition dominates the business, accounting for over 90% of revenue. Reading operates 58 cinemas with 469 screens across the U.S., Australia, and New Zealand under three brands: Reading Cinemas, a mainstream multiplex brand across all three geographies; Consolidated Theatres, a Hawaii-focused circuit and the oldest and largest in the state; and Angelika Film Centers, an arthouse/specialty brand showing independent and international films, with a flagship location in New York City. Box office receipts and food and beverage (F&B) sales are the primary revenue sources, at roughly 58% and 34% of cinema revenue, respectively. Reading sells tickets directly to moviegoers and licenses content from distributors on a revenue-sharing basis. Profitability is heavily driven by the quality of the film slate, F&B spend per patron, and occupancy costs, with significant operating leverage due to the fixed-cost nature of cinema operations. The real estate segment (~10% of revenue) includes two entertainment-themed retail centers in Australia, two off-Broadway theaters in Manhattan, and a commercial building at 44 Union Square in New York. Since the pandemic, Reading has reversed its historical capital flow, monetizing real estate assets to reduce debt and fund cinema operations rather than using cinema cash flows to build its real estate portfolio.