variety.com
Gene Maddaus-Senior
London
Canada
Covid-19
pandemic
2020
Gene Maddaus-Senior
London
Canada
Cineplex Wins CA$1.2 Billion Judgment in Busted Cineworld Sale
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variety.com
variety.comGene Maddaus Senior Media WriterCineplex has won a CA$1.2 billion judgment against Cineworld, the owner of Regal Cinemas in the U.S., over an acquisition deal that collapsed at the height of the pandemic last year.Cineworld is based in London and is the world’s second largest theater chain after AMC.
In December 2019, the company agreed to acquire Cineplex, based in Toronto, for CA$2.8 billion.But just a couple months after the deal was announced, the COVID-19 pandemic decimated the global theater industry.
In June 2020, Cineworld announced that the purchase was off, citing “certain breaches” of the contract. Cineplex sued for CA$2.2 billion.Cineplex is Canada’s largest circuit, with 164 locations, and the fourth largest chain in North.
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