Image: Krists Luhaers | Unsplash
Canada's largest theatre chain sells to UK-based Cineworld Group PLC for $2.8B.
Dec 16, 2019 - EightSix Staff
Facing declining attendance due to growing competition from at-home streaming services such as Netflix and Amazon Prime Video, Canada's largest movie theatre company has sold to Cineworld Group PLC, the world's second largest cinema company.
Cineplex's 165 cinemas across the country will join the 786 currently in Cineworld's portfolio in the U.S., U.K., Ireland, Poland, and Israel.
The deal is expected to close in the first half of 2020 pending shareholder approval.
In addition to its theatres, Cineplex owns movie, dining, and leisure brands The Rec Room, Playdium, and Topgolf Canada locations, as well as the recently announced Junxion entertainment venue.
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