LONDON (AP) — British-based Cineworld says it will buy Canada's Cineplex for about $1.7 billion to create North America's largest chain of movie theaters and better compete with AMC Entertainment.
The management of both companies have approved the deal, which is banking on the continued appeal of movie theaters at a time when major media companies are investing heavily in streaming services.
Cineworld said Monday that it is offering CA$34 per share of Cineplex, which has a 75% box office market share in Canada. That would add some 165 cinemas to its existing 786 sites and 9,500 screens.
Their biggest rival would remain AMC Entertainment, which owns or operates about 1,000 theaters around the world.
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