Cinema giants merge: Cineplex swallows Famous Players
Wanna buy a movie theatre?
The big news for movie going Canadians yesterday was the announced buyout of Famous Players by Cineplex Galaxy, who owns less theatres and made less in revenues last year. (?) Under an agreement with the federal Commissioner of Competition, Cineplex Galaxy will have to sell off 35 theatres, with 284 screens and annual box office revenues of $100 million, to complete the deal - which will see Viacom getting $500 million for Famous Players.
Cineplex has agreed to sell theatres in Calgary, Edmonton, Victoria, Vancouver, Lethbridge, Saskatoon, Winnipeg, London, St. Catharines, Kitchener, Hamilton, Kingston, Ottawa, Toronto, Gatineau, Montreal and Quebec City.
Which theatres in each city will go on the market is undetermined at the moment.
So who's going to buy all those movie houses? Will this the beginning of the 'branded' theatre? Say for example an MGM movie house that will only show MGM films, similar to the fast food outlets that will only sell you one brand of pop. Interesting times.
The big news for movie going Canadians yesterday was the announced buyout of Famous Players by Cineplex Galaxy, who owns less theatres and made less in revenues last year. (?) Under an agreement with the federal Commissioner of Competition, Cineplex Galaxy will have to sell off 35 theatres, with 284 screens and annual box office revenues of $100 million, to complete the deal - which will see Viacom getting $500 million for Famous Players.
Cineplex has agreed to sell theatres in Calgary, Edmonton, Victoria, Vancouver, Lethbridge, Saskatoon, Winnipeg, London, St. Catharines, Kitchener, Hamilton, Kingston, Ottawa, Toronto, Gatineau, Montreal and Quebec City.
Which theatres in each city will go on the market is undetermined at the moment.
So who's going to buy all those movie houses? Will this the beginning of the 'branded' theatre? Say for example an MGM movie house that will only show MGM films, similar to the fast food outlets that will only sell you one brand of pop. Interesting times.
posted by suspected at 4:50 AM
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