CINEWORLD BUYS U.S. RIVAL IN £2.7bn TAKEOVER

CINEWORLD has agreed to buy US rival Regal Entertainment in a blockbuster deal that will create one of the world’s biggest cinema companies.

The £2.7bn takeover will see the UKlisted company triple the number of sites it owns, with the combined group operating more than 9,500 screens across ten countries.

It marks Cineworld’s entry into North America – the biggest box office market in the world – where Regal is currently the second-biggest player.

Mooky Greidinger, Cineworld’s chief executive, said: ‘There are some great cinemas in America but we think the majority need improvement to provide the experience for customers that we believe makes our cinemas the best place to watch movies.’

Like other cinema firms, Cineworld is expanding its premium services for customers – from screenings which offer superior picture and sound to VIP lounges – to tempt film fans out of their living rooms.

But Greidinger dismissed claims Cineworld was competing with video streaming services such as Netflix.

He said: ‘We are not competing with home entertainment, we are competing with other things customers do when they go out, such as restaurants, sports events and concerts.’