Cineplex Sold to UK’s Cineworld

Cineplex Inc. announced this week that it has entered into a definitive agreement to be acquired by UK’s Cineworld Group. Cineworld Group will acquire all of the issued and outstanding common shares of Cineplex. The total transaction value is approximately $2.8 billion including the assumption of net debt.

“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, Cineplex. “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.”

The transaction ensures that Cineplex’s business, particularly its network of 165 movie theatres across Canada, has access to the global opportunities required to compete effectively in an evolving entertainment landscape.

What are your thoughts on Cineplex’s acquisition?

5 responses to “Cineplex Sold to UK’s Cineworld”

  1. cathy says:

    I’m honestly kind of worried about my Scene points… I have a LOT of free movies right now. 🙂

    • Here is some information…..

      “Once that happens, Cineworld plans to start selling its Unlimited movie pass in Canada. The service, which the company operates in some of its existing markets, has consumers pay a monthly fee to watch as many movies as they want — with an upgrade fee for special viewing options, such as 3D or Imax. The pass also includes perks like food discounts and advance screenings.

      Cineplex’s Scene loyalty program is expected to continue, the company said. “We have no reason to believe that there will be any changes to the Scene program as a result of this transaction,” spokeswoman Sarah Van Lange wrote in an email.”

  2. Christopher says:

    This isn’t good for Cineplex, not in any way; as well as for Jobs.

  3. anon says:

    @ Cathy; I am wondering that myself. Like you, I have a lot of points stacked up… I am always waiting for a good promotion to use them on… now, I thinking that I better use them until I know otherwise. Hopefully, the loyalty program will still mean something!

  4. Worried_Canadian says:

    Alas!! Another Canadian company sold/acquired. This is not good for the country’s economy.

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