Cineworld has reportedly decided to terminate the sale of its so-called “rest of the world” businesses outside of the U.S., the UK, and Ireland. The company said it received offers from “a number of prospective counterparties,” but added the proposals “did not meet the value level required by the group’s lenders.”
As has been widely reported, Regal Cinemas, the second-largest chain of movie theatres in the U.S., will close 39 locations after its parent company Cineworld filed for bankruptcy in September, according to legal filings.
Cineplex, Canada, today announced that it has entered into a definitive agreement to be acquired by the Cineworld Group. With more than 11,200 screens around the globe, the proposed transaction will create one of the world’s largest cinema companies, providing Cineplex with scale and all the benefits associated with a global enterprise, the company said.
Cineworld, the U.K.’s largest cinema operator, has acquired Regal, one of the largest theatre circuits in the U.S., for a reported $5.9 billion. The deal would create the world’s second-largest movie theater owner and enable Cineworld to better compete with AMC Entertainment, which is owned by the Chinese conglomerate Dalian Wanda. The Cineworld-Regal combination would create a company with more than 9,500 screens in 10 countries.