REUTERS: Cineworld will buy Canada's Cineplex for US$1.65 billion in cash, making the British firm the biggest cinema operator in North America as it looks to tackle increasing competition from online streaming services.
"It is effectively betting that Hollywood studios will consistently release films we all want to see, and that a recession won't hurt demand for a trip to the flicks," AJ Bell investment director Russ Mould said. The Cineplex deal would add 165 cinemas and 1,695 screens to Cineworld's network of 9,498 screens across 786 sites.
The deal also allows Cineworld to tap into the Canadian box office which grossed about US$770 million last year. Cineplex has a 75per cent share of this market.
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