Cineplex Inc. and U.K.-based Cineworld Group PLC announced the deal Monday. It requires shareholder and regulatory approvals, but the companies expect it to close in the first half of next year.
Currently, a Cineplex general admission ticket at a Toronto theatre costs $13.99, while a special showing can run as high as $24.99 for a 4DX experience, which adds environmental effects, like lightning and scent, to movie watching. Still, Cineplex has mainly resisted the notion of an all-access movie pass. When a third-party movie pass company, Sinemia, launched in Canada in 2018 offering a set fee for a number of movies a month, Cineplex said it has "no relationship with them." Sinemia has since shuttered operations.
Currently, Cineplex offers the ability to reserve seats based on location and type of experience, wrote Van Lange, but has plans to expand the service across its entire network early next year. Cineplex's share price has reflected industry challenges, falling from above $50 in the summer of 2017 to a range of $22 to $27 after the company's second-quarter financial results missed analyst expectations.
This was on the early morning news. late to the party again.
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