Revived North American cinema circuit Loews Cineplex is considering an initial public offering, according to the CEO of the company that engineered the refinancing of the insolvent exhibitor.
Speaking at his company's annual general meeting on May 9, Onex Corp. CEO Gerald Schwartz said that exhibition was enjoying a return to favour amongst investors.
The comment followed the successful IPO of rival Regal Entertainment, the largest exhibitor in North America. Regal shares gained 14% in value after their Wall Street debut. "Right now the market is very receptive," said Schwartz. However, he declined to give details beyond his interest.
With films like Spider-Man raking in money and a line-up of highly-anticipated blockbusters such as Star Wars: Episode 2 - Attack Of The Clones, The Lord Of The Rings: The Two Towers and the second Harry Potter film, investors are keen to climb aboard.
Onex and partner Oaktree Capital Management closed the deal to purchase 100 per cent of Loews on March 26th after the circuit emerged from bankruptcy protection.