Overview
- Cineplex announced on Sept. 23 that Bill Walker, the former chief executive of Landmark Cinemas, is chief executive effective immediately and that the board has launched a strategic review of the company.
- The board said the review will consider a range of alternatives, including a potential sale, and has retained Goldman Sachs, TD Securities and Goodmans LLP to run the process with no set timetable and no assurance a transaction will follow.
- Ellis Jacob, the longtime leader who announced his retirement in 2025, will remain with Cineplex as a special adviser to the board through Dec. 31, 2026 to support the leadership transition and the review.
- The board cited a belief that Cineplex’s current market valuation may not fully reflect its business strength; Walker’s experience helping sell Landmark to Kinepolis in 2017 was highlighted as relevant to any sale process.
- Buyout history and legal issues remain material to the review because Cineworld’s aborted 2019 acquisition left Cineplex with an awarded but largely uncollectible damages judgment and the company has faced a $39-million regulatory penalty over online booking fees, which could affect buyer interest and deal terms.