Cineplex Galaxy agrees to divestiture of 35 theatres in 17 cities to complete its merger with Famous Players
On May 27, 2005, Cineplex Galaxy (“Cineplex”) entered into a consent agreement with the Competition Bureau to complete its acquisition of Famous Players. After an extensive merger review process, the Competition Bureau concluded the proposed transaction was likely to result in a substantial lessening of competition in the exhibition of first-run motion pictures in a number of urban areas. In the consent agreement, Cineplex agreed to sell 35 theatres in 17 cities with total annual box-office revenues of approximately CDN$100 million. The divestiture package included both stadiums and sloped theatres. The proposed transaction closed on July 22, 2005.
