Cineplex wins trial, awarded $1.24B

Cineplex wins trial, awarded $1.24B
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TORONTO – today announced that it has received a decision from the Ontario Superior Court of Justice following the trial of its action against Cineworld Group plc and 1232743 B.C. Ltd. , finding that Cineworld repudiated the transaction to acquire Cineplex. 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.

Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. Cineplex offers a unique escape from the everyday to millions of guests through its circuit of over 170 movie theatres and location-based entertainment venues. In addition to being Canada’s largest and most innovative film exhibitor, the company operates Canada’s favourite destination for ‘Eats & Entertainment’ (The Rec Room) and complexes specially designed for teens and families (Playdium). It also operates successful businesses in digital commerce (CineplexStore.com), alternative programming (Cineplex Events), cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media) and amusement solutions (Player One Amusement Group). Providing even more value for its guests, Cineplex is a joint venture partner in Scene+, Canada’s largest entertainment loyalty program.

Cineplex employs over 10,000 people in its offices and venues across Canada and the United States.

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