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Cineplex Inc T.CGX

Alternate Symbol(s):  CPXGF | T.CGX.DB.B

Cineplex Inc. is a Canadian brand that operates in the film entertainment and content, amusement and leisure, and media sectors. The Company's segments include Film Entertainment and Content, Media, and Location-Based Entertainment. It offers over 170 movie theatres and location-based entertainment venues. In addition to being a film exhibitor, the Company operates Canada's destination for Eats & Entertainment (The Rec Room), complexes specially designed for teens and families (Playdium), and an entertainment concept that brings movies, amusement gaming, dining, and live performances together under one roof (Cineplex Junxion). It also operates businesses in digital commerce (CineplexStore.com), alternative programming (Cineplex Events), motion picture distribution (Cineplex Pictures), cinema media (Cineplex Media) and digital place-based media (Cineplex Digital Media). The Company is a partner in Scene+, Canada's entertainment and lifestyle loyalty program.


TSX:CGX - Post by User

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Post by Betteryear2on Dec 14, 2021 6:34pm
178 Views
Post# 34230849

Ontario Superior Court Rules in Favour of Cineplex

Ontario Superior Court Rules in Favour of Cineplex

TORONTODec. 14, 2021 /CNW/ - (TSX: CGX) – Cineplex Inc. ("Cineplex") today announced that it has received a decision from the Ontario Superior Court of Justice (the "Court") following the trial of its action against Cineworld Group plc and 1232743 B.C. Ltd. (collectively, "Cineworld"), finding that Cineworld repudiated the transaction to acquire Cineplex (the "Arrangement"). The Court awarded damages for breach of contract to Cineplex in the amount of $1.24 billion. The Court also denied Cineworld's counterclaim against Cineplex.

"We are pleased that the Court found Cineplex acted properly throughout this difficult period in our history," said Ellis Jacob, President and CEO, Cineplex. "With roots that go back over 100 years, we are proud of the relationships we have maintained through this process and remain steadfastly committed to our guests, shareholders and team across Canada and the United States."

While members of Management and the Board are pleased with the outcome of the trial, Cineplex will have no further comment during the 30 day period during which either party can seek to appeal the decision.

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