TORONTO, Oct. 1, 2015 /CNW/ - Cineplex Entertainment ("Cineplex") today announced that it has completed the acquisition of the remaining 50 per cent of issued and outstanding equity of Cineplex Starburst Inc. ("CSI") that it did not already own for $17.5 million, subject to post-closing adjustments.
"We're very pleased with today's announcement and believe that the acquisition will continue to drive our amusement gaming business forward as we look to expand and grow within the entertainment industry in Canada and across the United States," said Ellis Jacob, President and CEO of Cineplex Entertainment.
Cineplex Starburst Inc. is one of the largest distributors and operators of arcade games to the amusement industry supplying and servicing games for Cineplex's 162 theatres in Canada as well as amusement centres across North America. It also owns and operates Premier Amusements, a US-based gaming supplier that services over 200 family entertainment and amusement venues across 24 states, as well as the Playdium family entertainment centre in Mississauga, Ontario.
In March of 2015, CSI completed a transaction with Brady Distributing Company to create Brady Starburst LLC, making it one of the largest distributors of amusement and vending equipment in North America.
With the closing of this transaction, Cineplex now owns 100 per cent of CSI and will begin consolidating CSI within its financial results.
About Cineplex Inc.
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, Cineplex Digital Networks, 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 162 theatres with 1,652 screens from coast to coast, serving approximately 74 million guests annually through the following theatre brands: Cineplex Odeon, SilverCity, Galaxy Cinemas, Colossus, Coliseum, Scotiabank Theatres, Cineplex Cinemas, 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 Cineplex.com.
For further information: Sarah Van Lange, Director of Communications, Sarah.VanLange@Cineplex.com, 647-287-9582