Cineworld might just have to let go of their recently acquired complexes at Aberdeen, Bury St Edmunds and Cambridge as the Competition Commission released their provisional findings last Tuesday. The findings, which will be finalized by October, warns the company that they might have to sell the three movie houses if it was proven that the acquisition would lead to lessened competition and higher ticket prices.
Just this April, Cineworld bought City Screen Limited for EUR47 million. Included in the deal are twenty-one Picturehouse cinemas, sixty screens and the theatrical distribution arm Picturehouse Entertainment. Cineworld said that they bought the company to be able to reach new and more audiences.
Stephen Wiener, Cineworld chief executive, expressed his disappointment at the findings, saying that the movie houses are different businesses. Picturehouse is more of an art-house cinema showing independent films rather than big-budget Hollywood films.
The investigation was recommended by the Office of Fair Trading to the commission.
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