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HISTORY Early development Famous Players Canadian Corporation was founded in 1920 . The Famous Players Theatres chain was always strongly linked with Paramount Pictures and was a wholly-owned subsidiary of Paramount Communications by the time that firm was acquired by Viacom in 1994 . Canadian Odeon Theatres was started by former Famous Players executive Nathan Nathanson and his son Paul in 1941 . It was not initially affiliated with the British Odeon Cinemas circuit but gained common ownership with that chain following a sale to the Rank Organisation in 1946 . On April 19 , 1979 , Garth Drabinsky opened the first Cineplex location, an 18-screen multiplex in the basement of the Toronto Eaton Centre . After successfully challenging the Famous Players / Canadian Odeon duopoly and their exclusive contracts with major studios, he proceeded to purchase Canadian Odeon, having brought on the Bronfman Family as a major investor, forming Cineplex Odeon Corporation. There was once again a duopoly, albeit a much more competitive one. Expansion and competition In the 1980s , not content with having lept from one location to dozens across the country, Drabinsky began buying up regional circuits throughout the United States , which took the Cineplex Odeon Theatres name as well. Back in Canada, Drabinsky used his new position to aggressively challenge Famous Players Theatres , opening more, ultramodern multiplexes nationwide. Most famously, Famous Players Theatres allowed the lease on a property containing the entrance of one of its flagship Toronto locations, the Imperial Six, to lapse in 1986 . Cineplex immediately took over the lease, denying Famous Players Theatres access to the portion the latter chain already owned outright. Famous eventually sold its property to Cineplex Odeon Cinemas on the condition it never again be used to show filmed entertainment; it is now the live-entertainment Canon Theatre . Cineplex also established a distribution unit, Cineplex Odeon Films , during this period; its assets were largely sold to Alliance Atlantis in 1998 . Throughout the 1990s , Famous Players took the reins of expansion. Under chairman Tom McGrath , Famous Players re-built its entire infrastructure from 1997 to 2003 with new "megaplex" stadium-seated theaters and extensive innovative food court offerings. It was also believed to be the first exhibitor in the world to have automated box offices. Also during this time, AMC Theatres entered the Canadian market, and most of the traditional ties between the existing chains and the major studios began to unwind, putting all three chains in full-on competition in several major markets. Consolidation By May 1998 , Drabinsky had lost control of Cineplex to the Bronfmans' Seagram , which subsequently merged Cineplex Odeon Theatres with Sony 's Loews Cineplex Theatres. The resulting firm, Loews Cineplex Entertainment , subsequently suffered due to the economic recession of the early 2000s , leading to a buyout led by Onex. Meanwhile, Galaxy Entertainment Inc. was created in 1999 by Ellis Jacob, a former COO of Cineplex, and Steven Brown, a former Cineplex CFO. With investments from Onex and Famous Players, the new company focused on smaller markets which were usually served by smaller theatres and old equipment, opening large, major chain-style locations under the Galaxy Cinemas banner. In October 2003 , Loews Cineplex Theatres merged its Canadian operations with Galaxy Cinemas , forming Cineplex Galaxy Cinemas. Mr. Jacob became the chief executive of Cineplex Galaxy Cinemas. Onex was the controllng shareholder of both Loews Cineplex Theatres and Galaxy Cinemas at the time of the merger, but sold its interest in Loews in June 2004 . It maintained control of Cineplex Galaxy Cinemas. In 2004 , Famous Players Theatres locations in the Maritimes , none of which were branded-concept theatres, were sold to the region's dominant exhibitor, Empire Theatres . Canadian Odeon locations in the region had been sold to Empire in the late 1970s or early 1980s, prior to the former's acquisition by Cineplex Odeon Cinemas. On June 13 , 2005 , Cineplex Galaxy Cinemas announced its acquisition of Famous Players Theatres from Viacom for $ 500 million or about US$ 397 million. This deal was completed July 22 . To satisfy competition concerns, on August 22 the sale of 27 locations in Ontario and Western Canada to Empire Theatres was announced. On March 31, 2006, Cineplex Entertainment announced it sold 7 more theatres in Quebec to Chelsea based Fortune Cinemas Inc. The assets of Alliance Atlantis Cinemas are still on sale. Eight days after Cineplex Galaxy Cinemas Announced its Purchase of Famous Players Theatres, Loews Cineplex Theatres and , 2005 . THEATRES After divestitures relating to the Famous Players Theatres Acquisition, Cineplex will operate 130 locations with 1267 screens in locations fron British Columbia to Quebec . They can be organized as follows:
The above figures also include Cineplex's minority interest in Alliance Atlantis Cinemas , in partnership with the movie distribution unit of Alliance Atlantis Communications . One location has already been sold, with a second sale pending; the three other locations remain up for sale. REFERENCES
Cineplex's announcement of its sale to Fortune Cinemas Inc. EXTERNAL LINKS |
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