Magazine article Screen International

Cineworld Completes $124M Deal for Five Empire Cinemas

Magazine article Screen International

Cineworld Completes $124M Deal for Five Empire Cinemas

Article excerpt

Cineworld, the second largest exhibitor in the UK, has completed a deal with Cinema Holdings Limited, the parent company of the Empire Cinema chain, for the sale of five of Empire's UK cinema sites.

The $124m (£94m) sale includes the prestigious nine-screen Empire Leicester Square location in London's West End, which features one of only two IMAX screens with laser projection in the UK (alongside Cineworld Sheffield) and is also the widest cinema screen in the country.

The other sites are the 18-screen multiplex in Basildon, the 17-screen Hemel Hempstead site, the 16-screen multiplex in Poole and a smaller, four-screen location in Bromley.

As part of the $124m deal, Cineworld's three-screen Haymarket location will be taken over by Empire.

The transaction will be comprised of 50% cash and 50% Cineworld shares and is expected to be closed before the end of next month. …

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