It was only a matter of time, and this week Cineplex [TCO] announced has been sold to Cineworld Group for over $2.8 billion ($34 per share). The UK-based company has over 790 sites and 9,518 screens in over 6 countries in the world. The acquisition of Cineplex [TCO] now makes it the first entry for Cineworld in Canada.
This is a direct move against the influx of streaming services from Netflix, Disney+, Apple TV, and others as a bigger movie chain can have increased bargaining power with movie studios.
Back in 2018 they acquired American operator Regal Entertainment Group for $3.6-billion.