Canada’s Landmark Cinemas chain sold to Belgian firm for $123 million
CALGARY — Canada’s second-largest chain of movie theatres is being sold to a Belgian firm for about $123 million.
Calgary-based Landmark Cinemas says a deal to be purchased by Kinepolis Group of Ghent, Belgium, is expected to close by year-end if it receives Canadian regulatory approvals.
Landmark, founded in 1965, operates 44 cinemas and a total of 303 screens in Western Canada, Ontario and the Yukon.
Kinepolis reports in a news release that Landmark expects adjusted earnings of $17 million this year. It said it posted $156 million in revenue in 2016, with 58 per cent from ticket sales, 38 per cent from sales of snacks and beverages and 2.5 per cent from screen advertising.