We’ve just heard the Competition Commission have published their preliminary findings into our acquisition by Cineworld. They have found a “substantial lessening of competition” in Aberdeen, Bury St Edmunds and Cambridge. We’re clearly disappointed by this news as we had hoped to persuade them that the Picturehouse and Cineworld experiences are different and give genuine choice to customers but they have concluded that the acquisition “would lead to higher prices for customers” in these areas. The Competition Commission have suggested the sale of either a Cineworld cinema or a Picturehouse cinema may be required in these areas. The next stage of the process is to meet with the Competition Commission to discuss the possibility of other remedies that avoid sales. We will keep you updated. The final decisions have to be made by mid-October.
Posted on: Tue, 20 Aug 2013 07:23:36 +0000
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