You will be redirected back to your article in seconds

Onex annex of Loews chain OK’d

Co. investing $183.5 mil in embattled exhib's debt

TORONTO — Exhibitor Onex’s takeover of the troubled Loews Cineplex and Cineplex Odeon theater chain was finally greenlit by antitrust watchdogs Monday after rival Famous Players sold its interest in Onex’s Galaxy theaters.

Onex, whose 2001 revenues were $15.1 billion, is investing $183.5 million in Loews Cineplex debt.

The takeover had looked like a shoo-in until a previous deal, too small to have caught the Competition Bureau of Canada’s notice, came to light.

Viacom subsid Famous Players, the country’s largest exhibitor, bought a minority share in Onex-controlled Galaxy Entertainment, a small theater chain specializing in small to mid-sized markets, two years ago.

Regulator probe

With Onex’s takeover of Loews Cineplex, the country’s No. 1 and No. 2 theater chains would share an interest in a third chain — plus seats on the board of directors. That was too much for the Competition Bureau, an independent law enforcement agency ensuring that mergers don’t lessen or prevent a competitive business sector in the Great White North.

Famous Players sold its minority interest in Galaxy for an undisclosed sum on Friday.

“With the separation of Galaxy and Famous Players, the Competition Bureau concluded that control of Cineplex Odeon and Galaxy by Onex would not result in a substantial lessening of competition and allowed the transaction to proceed,” said a Bureau statement.

More Film

  • African Toons Take Off as Regional,

    African Toons Take Off as Regional, Global Partnerships Blossom

    TORONTO — Exhibitor Onex’s takeover of the troubled Loews Cineplex and Cineplex Odeon theater chain was finally greenlit by antitrust watchdogs Monday after rival Famous Players sold its interest in Onex’s Galaxy theaters. Onex, whose 2001 revenues were $15.1 billion, is investing $183.5 million in Loews Cineplex debt. The takeover had looked like a shoo-in […]

  • Renee Zellweger

    Renee Zellweger to Play Judy Garland in London-set ‘Judy’

    TORONTO — Exhibitor Onex’s takeover of the troubled Loews Cineplex and Cineplex Odeon theater chain was finally greenlit by antitrust watchdogs Monday after rival Famous Players sold its interest in Onex’s Galaxy theaters. Onex, whose 2001 revenues were $15.1 billion, is investing $183.5 million in Loews Cineplex debt. The takeover had looked like a shoo-in […]

  • IDFA’s Barbara Visser Welcomes ‘A Generation

    IDFA’s Interim Artistic Director Barbara Visser Welcomes ‘A Generation With Balls’ for Doc Festival’s 30th Edition

    TORONTO — Exhibitor Onex’s takeover of the troubled Loews Cineplex and Cineplex Odeon theater chain was finally greenlit by antitrust watchdogs Monday after rival Famous Players sold its interest in Onex’s Galaxy theaters. Onex, whose 2001 revenues were $15.1 billion, is investing $183.5 million in Loews Cineplex debt. The takeover had looked like a shoo-in […]

  • Busan: WellGo USA Buys Two-Part Korean

    WellGo USA Buys Two-Part Korean Fantasy ‘Gods’

    TORONTO — Exhibitor Onex’s takeover of the troubled Loews Cineplex and Cineplex Odeon theater chain was finally greenlit by antitrust watchdogs Monday after rival Famous Players sold its interest in Onex’s Galaxy theaters. Onex, whose 2001 revenues were $15.1 billion, is investing $183.5 million in Loews Cineplex debt. The takeover had looked like a shoo-in […]

  • Kingsman: The Golden Circle

    China Box Office: 'Kingsman' Dominates With $39 Million Opening

    TORONTO — Exhibitor Onex’s takeover of the troubled Loews Cineplex and Cineplex Odeon theater chain was finally greenlit by antitrust watchdogs Monday after rival Famous Players sold its interest in Onex’s Galaxy theaters. Onex, whose 2001 revenues were $15.1 billion, is investing $183.5 million in Loews Cineplex debt. The takeover had looked like a shoo-in […]

  • Kingsman: The Golden Circle

    'Kingsman: The Golden Circle' Tops International Box Office With China Debut

    TORONTO — Exhibitor Onex’s takeover of the troubled Loews Cineplex and Cineplex Odeon theater chain was finally greenlit by antitrust watchdogs Monday after rival Famous Players sold its interest in Onex’s Galaxy theaters. Onex, whose 2001 revenues were $15.1 billion, is investing $183.5 million in Loews Cineplex debt. The takeover had looked like a shoo-in […]

More From Our Brands

Access exclusive content