TORONTO, ONTARIO--(Marketwire - Feb. 15, 2013) - Cineplex Inc. (TSX:CGX) ("Cineplex") today announced it has agreed to purchase Fifth Avenue Cinemas and the Park Theatre from Vancouver-based Festival Cinemas. The transaction is expected to close March 1, 2013.
"After 35 years, Tom Lightburn and I have decided to retire from theatre exhibition. We are proud that Canada's best theatre operator has agreed to purchase these theatres and we know Cineplex will provide our loyal guests Vancouver's best movie-going experience," said Leonard Schein, President, Festival Cinemas. "Our sincerest thanks go to the many employees, guests and film critics we have encountered throughout our careers in the entertainment business."
"We are pleased to add these two iconic Vancouver locations to our theatre circuit," said Ellis Jacob, President and CEO, Cineplex Entertainment. "We look forward to offering Vancouver movie-goers the many benefits Cineplex has to offer, including access to the SCENE loyalty program and our popular Front Row Centre Events, to name just a few examples."
"The 5th Avenue and the Park theatres are well known in Vancouver for programming the highest quality art, independent and foreign films. Cineplex is absolutely committed to continue to offer intelligent and artistic films from around the world in these theatres going forward," said Michael Kennedy, Executive Vice President, Filmed Entertainment.
Cineplex will operate the locations as Fifth Avenue Cinemas and Park Cinema for the foreseeable future.
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 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 134 theatres with 1,449 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 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. More information is available at www.cineplex.com.