CGX meaning in Business ?

Answer:

What is Cineplex Galaxy Income Fund mean?

Cineplex Inc., formerly known as Cineplex Galaxy Income Fund and Galaxy Entertainment Inc. is a Canadian entertainment company headquartered in Toronto, Ontario. Through its operating subsidiary Cineplex Entertainment LP, Cineplex operates 165 theatres across Canada. The company operates theatres under numerous brands, including Cineplex Cinemas, Cineplex Odeon, SilverCity, Galaxy Cinemas, Cinema City, Famous Players, Scotiabank Theatres and Cineplex VIP Cinemas.

Cineplex claims the heritage of Famous Players Film Corporation when it was founded in 1912, followed by the establishment of Odeon Theatres of Canada in 1941. Odeon merged with the Canadian Theatres chain in 1978, becoming Canadian Odeon Theatres. Cineplex Corporation began operating in 1979. Odeon merged with Cineplex in 1984 to form Cineplex Odeon Corporation, before being acquired by Loews Theatres in 1998 becoming Loews Cineplex Entertainment. The present enterprise dates to 1999 when Ellis Jacob and a number of Cineplex Odeon executives formed Galaxy Entertainment Inc., which merged the Canadian unit of Loews Cineplex by Onex Corporation in 2002 following its bankruptcy in 2001. In 2005, Cineplex Galaxy acquired Famous Players from National Amusements effectively doubling its size.

Since 2002, the company was owned by Onex Corporation, but it became publicly traded in 2011. On December 16, 2019, Cineplex agreed to be acquired by British exhibitor Cineworld Group for $2.8 billion, pending regulatory and shareholder approval, but Cineworld abandoned the sale in June 2020 due to unspecified breaches of the sale terms.

Cineplex also owns and operates multiple brands for entertainment (such as UltraAVX, Xscape Entertainment Centre, Player One Amusement Group) and restaurants (such as OutTakes and Poptopia). It is also a joint partner in the Scene loyalty program with Scotiabank. Cineplex Inc's current chief main competitors are Landmark Cinemas, Imagine Cinemas, CinéStarz, Cinémas Guzzo and Magic Lantern Cinemas.

reference

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