Cineworld Response to Competition Commission Announcement
Response to Competition Commission Announcement
Cineworld Group plc ("Cineworld") notes the Competition Commission's final decision regarding the acquisition of Picturehouse by Cineworld published today and in particular its requirement that Cineworld dispose of one cinema in each of the local areas of Aberdeen, Bury St Edmunds and Cambridge.
Having looked at a range of financial and strategic considerations, Cineworld reluctantly intends to dispose of the local Picturehouse cinema in both Aberdeen and Bury St Edmunds. In Cambridge we are still evaluating our options whether the local Picturehouse or Cineworld cinema will be sold.
Commenting on the announcement, Stephen Wiener, Chief Executive Officer of Cineworld Group plc, said: "We are disappointed by the Competition Commission’s final decision to require us to sell three of our cinemas. We will be selling these cinemas as going concerns and will be supporting our affected cinema teams through the sale. In the meantime, Cineworld