Canada's biggest movie theater chain, Cineplex, announced Wednesday that its board has launched a strategic review that will examine a range of options for the company, including a potential sale. No deal has been reached, and the company stressed that the review could ultimately end without a transaction.
The announcement comes with the announcement of Bill Walker as Cineplex’s new CEO. Walker takes over from Ellis Jacob, who is retiring after more than two decades at the company. Jacob will remain involved as a special adviser to the board through the end of 2026.
Walker spent nine years as CEO of Landmark Cinemas and helped lead that chain through its 2017 sale to Belgian exhibitor Kinepolis. He subsequently remained at the helm of Landmark under its new ownership.
Cineplex is coming off a strong stretch at the box office. The company reported its highest-ever monthly box office in August, following record second-quarter revenue.
Cineplex has also been the subject of takeover speculation before. In 2019, it had agreed to a roughly $2.8-billion acquisition by Cineworld, but that deal collapsed during the COVID-19 pandemic. Cineplex later won a $1.24-billion damages award in court, though the company has said it does not expect to recover the full amount.
Pattinson, right, in ‘Primetime.’A24
Exterior image of the Lucas Museum of Narrative Art Lucas Museum of Narrative Art
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Star Wars props of Darth Maul and General Grievous Iwan Baan/ Lucas Museum of Narrative Art
