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Posted Oct 11, 2013, 4:56 AM
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Registered User
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Join Date: Mar 2010
Posts: 390
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Speaking of movies and film...
http://mediafiles.cineplex.com/_att/495a...0bureau%20approval%20press%20release.pdf
Quote:
FOR IMMEDIATE RELEASE
Cineplex receives Competition Bureau approval to acquire 24 Empire theatres in Atlantic Canada
Toronto, ON, October 10, 2013 (TSX: CGX) – Cineplex Entertainment today received a No Action Letter (“NAL”) from the Commissioner of Competition, enabling the company to proceed with an acquisition of 24 Empire theatres in Atlantic Canada.
The parties had requested approval from the Commissioner of Competition to allow Cineplex to acquire two additional theatres – in Whitby and Kanata, Ontario – but the proposed transaction was subsequently restructured and those two theatres are not included in the NAL and will not be acquired by Cineplex.
The revised cash purchase price is approximately $194 million, subject to certain adjustments to be made at closing, and the transaction is expected to close later this month.
“Today’s announcement brings us an important step closer to our goal of establishing a truly national, coast-to-coast presence for Cineplex,” said Ellis Jacob, President and Chief Executive Officer, Cineplex Entertainment. “We look forward to providing our Atlantic Canadian guests an exceptional entertainment experience.”
On closing, Cineplex will remain Canada’s largest theatre exhibitor, operating 161 theatres and 1,635 auditoriums from coast to coast.
About Cineplex
Cineplex Inc. (“Cineplex”) is one of Canada’s leading entertainment companies and operates one of the most modern and fully digitized motion picture theatre circuits in the world. A top-tier Canadian brand, Cineplex operates numerous businesses including theatrical exhibition, food services, gaming, alternative programming (Front Row Centre Events), Cineplex Media, Cineplex Digital Solutions, Cineplex Digital Networks, and the online sale of home entertainment content through CineplexStore.com and on apps embedded in various electronic devices. Cineplex is also a joint venture partner in SCENE – Canada’s largest entertainment loyalty program.
Cineplex is headquartered in Toronto, Canada, and operates 136 theatres with 1,454 screens from British Columbia to Quebec, serving approximately 71 million guests annually through the following theatre brands: Cineplex Odeon, SilverCity, Galaxy Cinemas, Colossus, Coliseum, Scotiabank Theatres, Cineplex Cinemas, Cineplex VIP Cinemas, Famous Players and Cinema City. Cineplex also owns and operates the UltraAVX, Poptopia, and Outtakes brands. Cineplex trades on the Toronto Stock Exchange under the symbol CGX.
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http://www.cbc.ca/news/business/cineplex-inc-cleared-to-buy-24-atlantic-canada-cinemas-1.1959420
Quote:
Cineplex Inc. cleared to buy 24 Atlantic Canada cinemas
Competition Bureau approves sale of Sobey-owned Empire Theatre cinemas
Canada's Competition Bureau has paved the way for Cineplex Inc. to take over two dozen movie theatres in Atlantic Canada owned by the Sobey family, an acquisition that will give the company close to three-quarters of the cinema business in the country.
"The Competition Bureau announced today that it will not challenge the proposed acquisition by Cineplex Inc. of 24 movie theatres from Empire Theatres Ltd.," the federal competition enforcement agency said in a statement.
Cineplex originally also sought two Empire movieplexes in Ontario, but Competition Bureau concerns prompted the company to pass up those theatres.
"Following a three-month review, the bureau determined that the proposed acquisition of the Empire theatres in Whitby and Kanata would likely lead to a substantial lessening of competition in those markets," the bureau's statement said.
"After the bureau advised Cineplex and Empire of its concerns, the parties revised their transaction to exclude the two Ontario theatres. Empire subsequently found an alternative buyer."
The sale and closure of 50 Empire Theatres locations comes as the Nova Scotia-based Sobey family, which controls parent company Empire Co. Ltd., gets out of the movie-theatre business to focus on its grocery stores. Earlier this year, Sobey bought up more than 200 Safeway stores in Western Canada in a $5.8 billion deal
The Cineplex acquisition is valued at $194 million and will give the corporation 161 theatres across Canada.
Landmark Cinemas is buying 22 other Empire locations, in Ontario and Western Canada, and four more will be closed or sold.
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http://www.timescolonist.com/business/ci...ire-theatres-in-atlantic-canada-1.655939
Quote:
TORONTO - Cineplex Entertainment (TSX:CGX) said Thursday it can go ahead with its acquisition of 24 Empire theatres in Atlantic Canada.
Canada's largest chain of movie theatres said approval from the Competition Bureau means the deal will proceed and was expected to close by the end of the month.
The acquisition is valued at approximately $194 million.
The Toronto-based company said its original proposal also included the purchase of two theatres in Ontario — located in Kanata and Whitby — but it will no longer buy these properties.
Empire Company Ltd. (TSX:EMP.A) announced in June that it was getting out of the movie theatre business to focus on its Sobeys grocery store chain. In addition to the theatres sold to Cineplex, Empire sold another 20 locations in Ontario and Western Canada to Landmark Cinemas.
With the purchase, Cineplex will operate a total of 161 theatres across the country.
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