HALIFAX — Nova Scotia-based Empire Company is getting out of the movie-theatre business.
The move is being made so the company can focus on Sobeys, the national grocery chain that accounts for most of its revenue.
Canada’s largest cinema company, Cineplex, will pay $200 million cash to acquire 26 of the theatres, 24 of which are in Atlantic Canada.
The sale includes the historic Oxford Theatre in Halifax, however, Empire plans to keep the drive-in theatre in Westville.
“The decision to sell the business of Empire Theatres was a very difficult one as it has a long history with our Company and is a great business with excellent employees who have worked hard over many years to build an attractive entertainment destination,” said president Paul Sobey in a press release.
Landmark Cinemas will buy 20 theatres in Ontario and Western Canada for up to $55 million.
Empire also announced Thursday that it had $98.6 million or $1.45 per share of adjusted earnings in the fourth quarter – up $9 million from a year earlier and eight cents per share above the consensus estimate.
-with files from Global News
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