Canada Competition Bureau approves Empire Co's sale of cinemas

OTTAWA Tue Oct 29, 2013 4:02pm EDT

OTTAWA Oct 29 (Reuters) - Canada's Competition Bureau said on Tuesday it had approved the sale of cinemas by Empire Company Ltd to Cineplex and Landmark after requesting some changes.

Under the terms of the revised deal, Cineplex and Landmark will buy a total of 46 cinemas from Empire. When Empire announced the deals in June it said the total value of the transactions would be about $255 million.

Empire had initially planned to sell two cinemas in Ontario to Cineplex. The bureau said this would decrease competition and as a result, Landmark agreed to buy the two cinemas instead.

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