CALGARY - Canada's second-largest chain of movie theatres is being sold to a Belgian firm for about $123 million.
Calgary-based Landmark Cinemas says a deal to be purchased by Kinepolis Group of Ghent, Belgium, is expected to close by year-end if it receives Canadian regulatory approvals.
Landmark, founded in 1965, operates 44 cinemas and a total of 303 screens in Western Canada, Ontario and the Yukon.
Kinepolis reports in a news release that Landmark expects adjusted earnings of $17 million this year. It said it posted $156 million in revenue in 2016, with 58 per cent from ticket sales, 38 per cent from sales of snacks and beverages and 2.5 per cent from screen advertising.
Current management will remain in place to oversee Landmark and its 1,450 employees, Kinepolis says, adding it will transfer its "self-learning and self-innovating company culture" to the new organization.
Kinepolis says it has 48 cinemas and 500 screens in Belgium, Netherlands, France, Spain, Luxembourg, Switzerland and Poland.