Cineplex announced a potential sale as it introduced Bill Walker, former head of Landmark Cinemas, as the new CEO. The company’s board, while optimistic about its future, is exploring various options to boost shareholder value through a Strategic Review initiative. Goldman Sachs and TD Securities are onboard as co-financial advisers for this assessment.
With over 1,600 screens in nearly 170 theaters and a workforce exceeding 10,000 individuals, Cineplex stands as the largest cinema chain in Canada. Notably, the company contemplated a sale in 2019, which was thwarted when the $2.8 billion acquisition by Cineworld Group PLC did not materialize.
During the ongoing strategic review, former CEO Ellis Jacob will assist as a special adviser. Phyllis Yaffe, chair of Cineplex’s board, emphasized the company’s strong position in the market and its valuable entertainment assets. Bill Walker, with prior experience at Landmark Cinemas and overseeing its sale to Kinepolis, expressed support for the strategic review’s objectives, emphasizing a focus on operational excellence, guest satisfaction, and shareholder value enhancement.