Loews Cineplex Parent To Acquire Landmark Theatres

TORONTO – Loews Cineplex’s Toronto-based parent company, Onex Corp., announced Nov. 11 its intent to purchase the 290-screen Los Angeles-based Landmark Theatres chain.
Landmark’s assets include 53 specialty sites operating 178 screens (comprising the United States’ largest arthouse circuit) as well as 14 Silver Cinemas sub-run sites encompassing 112 auditoria.
The purchase price is expected to be roughly $126 million, including approximately $57 million in equity capital. Onex’s initial share of the invested capital is expected to be around $34 million.
“Landmark is an exceptional fit for Loews Cineplex,” said Anthony Munk, managing director of Onex Corp. “We believe there are no better operators in the expanding niche of art and specialty exhibition than the management of Landmark.”
Onex, Canada’s 5th-largest company, currently controls a worldwide exhibition empire boasting 2,877 at 296 sites.
Onex purchased Loews Cineplex in March 2002 and Star Theatres in April 2002. It acquired a majority stake in Mexican exhibitor Grupo Cinemex in June 2002 (In Focus, September 2002).
Onex’s current U.S. screen count totals 1,534 screens at 153 sites. Its Canadian presence constitutes 745 screens at 87 sites, while Mexico boasts 349 Onex-controlled screens at 31 sites. In Spain and Korea, the company’s tallies are 207 screens at 20 sites and 42 screens at five sites, respectively
In Focus - January 2003