CINEPLEX OWNERSHIP MAY BE JUGGLED
By Adnews Staff
Japan's Sony Corp. may become the majority owner of Cineplex Odeon Corp. of Toronto, according to a report in The Financial Post. Under the deal, Sony will own 50% of a company that will combine its U.S.-based Loews Theatres and Cineplex. Current majority owners, Universal Studios and Charles Bronfman, will each keep a minority stake. Universal is 80%-owned by Seagram Co. Bronfman is co-chair of Seagram and his family is controlling shareholder. Cineplex operates over 1,500 screens at 316 locations in North America and Hungary. Loews has 135 locations in 14 states. Advertising for Cineplex in Canada is done in-house.
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