Landmark Cinemas, owners of the territory’s only two movie theatres, has been sold to a company based in Belgium.
Kinepolis Group bought Landmark for $123 million. The deal is expected to close by the end of the year if it receives Canadian regulatory approval.
Landmark is based in Calgary. It operates 44 cinemas and a total of 303 screens in Western Canada, Ontario and the Yukon. It runs both the Yukon Theatre and the Qwanlin Theatre in Whitehorse.
The statement announcing the deal makes no mention of Kineoplis’s plans for the future of its new Canadian theatres. It says current management will remain in place to oversee Landmark and its 1,450 employees.
The European company could not be reached for comment.
Kinepolis has 48 cinemas spread across Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland and Poland.
Landmark is Canada’s second largest cinema operator, with a market share of 10 per cent.
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