Cineplex is exploring the possibility of a sale.
Earlier this week, the company shared a memo related to new CEO Bill Walker, who formerly led Canada’s second-largest theatre chain, Landmark Cinemas. In the memo, Cineplex’s board said it will conduct a strategic review that will “consider a range of alternatives, including, but not limited to, a potential sale” of the company.
Notably, Cineplex was set to be sold to UK theatre giant Cineworld for nearly C$3 billion. However, Cineworld terminated the deal less than a year later, alleging material adverse effect and breaches by Cineplex. Cineplex later successfully sued Cineworld for over $1 billion, although it never actually got the money because Cineworld filed for bankruptcy in 2022.
We’d also heard reports earlier this year that Cineplex had been considering a sale to various parties, including the U.S.’ Cinemark Holdings and even Cineworld. (The latter company returned after its bankruptcy woes with new leadership, so it’s possible that’s why Cineplex would seemingly entertain such a deal.)
It remains to be seen what may happen with Cineplex with Walker now at the helm. Ellis Jacob, Walker’s predecessor, had been at Cineplex for many years, starting with an 11-year stint in 1987 and then, after his Galaxy Cinemas chain merged with Cineplex, he took over as CEO. Under Jacob’s tenure, Cineplex acquired Famous Players and branched out into other entertainment businesses, like the Rec Room and esports, among other ventures.
Via: CBC News
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