Cineplex ups footprint with acquistions
TorontoCanada’s largest movie exhibitor Cineplex is purchasing four of AMC Entertainment’s eight Canadian theaters and will operate them under the Cineplex Odeon brand. Cineplex either owns or has interest in 134 theaters (1,445 screens) in Canada. The deal includes one multiplex in Montreal and three in the Toronto area, including the AMC Yonge & Dundas (a Toronto festival venue), as well as AMC Ventures, an indirect subsidiary of Kansas City-based AMC Entertainment. Last week Empire Theaters, which operates 51 theaters (390 screens) across Canada, bought two AMC multiplexes in the Ontario cities of Kanata and Whitby. Both Cineplex and Empire have committed to upgrading or converting equipment in their latest theater acquisitions. The remaining two AMC properties in the Toronto region are on the block. “These divestitures allow AMC to focus our resources on initiatives which impact our business in the U.S.,” Mark McDonald, AMC executive VP for global development, said in a statement. Last month, Chinese real estate giant Wanda Group agreed to buy AMC Entertainment Holdings for $2.6 billion including debt. Wanda, based in Dalian, northeast China, owns 86 movie theaters in China, with 730 screens, and also has interests in production and distribution.