London, England-based theatre chain Cineworld will acquire Cineplex for $2.8 billion CAD, the two companies have announced.
The deal is expected to close in the first half of 2020. Once the acquisition has been completed, Cineworld will overtake AMC to become North America’s largest cinema chain.
In a press release, Cineworld said Cineplex will continue to support the Canadian entertainment industry and its partners through film festivals, programs and other initiatives.
Further, Cineworld notes that its extensive international presence — which includes more than 11,000 screens across the U.S., U.K. and Europe — will help connect the Canadian film industry to businesses around the world.
“Since Cineplex went public in 2003, we have been committed to delivering value to our shareholders. We believe this transaction today is both financially compelling and in our shareholders best interest,” said Ellis Jacob, president and CEO of Cineplex, in a press statement.
“Cineworld Group shares our passion for entertainment and mirrors our commitment to delivering exceptional guest experiences through state-of-the-art technology. The entertainment industry continues to transform and we are pleased that through this agreement we are ensuring Cineplex is part of the next era of global entertainment.”
Cineworld Boss Mooky Greidinger Talks $2.1B Cineplex Deal, Says Unlimited Subscription Service Will Expand To Canada https://t.co/plCZdOCytk pic.twitter.com/heHupLCXHI
— International Film Critique (@IntFilmCritique) December 16, 2019
Cineworld’s CEO Mooky Greidinger says that the company’s ‘Unlimited’ subscription service will also come to Canada, according to International Film Critique.
Unlimited gives subscribers access to unlimited 2D films, and it allows users to save money on 3D, IMAX, D-Box, and other types of viewing experiences. It also gives subscribers advance screenings, and they will save users 10 percent off on in-cinema food and drinks.
There’s also a premium membership that gives subscribers unlimited 3D movies at no extra cost and 25 percent off in-cinema food and drinks, but only after you’ve had an ‘Unlimited’ subscription for a year.
Regal Unlimited, the U.S. version of the Unlimited subscription service, launched in U.S. this past summer and is “doing extremely well. It’s over all of our expectations and has really been very well received by customers. We believe it’s really a solution for people who want to go to the movies a lot,” Gridinger speaking with International Film Critique.
Update: 12/16/2019: Included the information about Cineworld’s ‘Unlimited’ subscription and the benefits.