Cineplex Inc. has named a new leader as the cinema operator embarks on a strategic review that could see the business sold.
The Toronto-based company said Wednesday that Bill Walker, who was chief executive at Canada’s second-largest theatre chain Landmark Cinemas during its 2017 sale to Belgian firm Kinepolis Group, would take Cineplex’s helm immediately.
Walker succeeds Ellis Jacob, Cineplex’s longtime chief executive, who is retiring but will stay on as a strategic adviser for the rest of the year. Jacob has long been a titan of the Canadian cinema industry, involved with major players including Galaxy Cinemas, Alliance Atlantic and Cineplex Odeon.
Though Walker acknowledged he had “some big shoes to fill,” he said he’s excited to take on the top job because he’s always admired Cineplex and is optimistic about the business.
“I’m joining at probably the best time in the last 10 years from an industry tailwind on the exhibition side,” he said, alluding to some studios which have dropped sending some projects directly to streamers and recently warmed to playing their movies in cinemas for longer.
“I think it’s a really positive time in that sense. Overall, on the entertainment side, we’re all in an economy that has its challenges and consumer spending has its challenges, and so it’s not without some restraint there, but I think, again, that at its core, everyone wants to be entertained.”
He declined to say what specific changes he foresees for the business because he didn’t want to “jump to conclusions.” However, he said that he would be aimed at investing in the audience experience, making sure customers feel value when they visit and finding operational efficiencies.
The leadership change came as Cineplex also announced it has launched a strategic review.
The options to be considered during the review include a possible sale of the business though Cineplex warned it can’t promise the process will result in a transaction, agreement or any other specific outcomes.
Cineplex board chair Phyllis Yaffe said in a statement that the appointment of Walker and the review will provide the company with leadership continuity and strategic flexibility to ensure shareholders benefit from the company’s full potential.
Yaffe said the review was necessary because the company’s “current market valuation may not fully reflect the strength of its business and long-term prospects.”
Asked whether he was brought in to deliver a sale, Walker said: “That’s not necessarily my specialty.”
“Whatever happens through the type of strategic processes that we’re going under, it’s really about are we building a better business that’s going to invite more customers in to be entertained? If we’re doing that, then we will be able to increase the value of this organization,” he said.
The announcements Wednesday could mark the start of a new chapter for Cineplex, which has been plagued with challenges over the last few years.
As streamers cut into theatre revenues and Cineplex leaned more on entertainment venues like the RecRoom and Junxion and announced in December 2019 that it would sell itself to U.K. firm Cineworld PLC for $2.8 billion.
The deal fell apart, when the COVID-19 pandemic temporarily closed theatres, and Cineworld walked away, accusing Cineplex of breaching their agreement when the crisis hit and it had to take unprecedented steps to stabilize the business.
Cineplex chalked its suitor’s complaints up as “nothing more than a case of buyer’s remorse” and sued for more than $2.18 billion in damages. Cineworld filed a counter claim but lost both the original case and an appeal.
Cineplex has said it’s unlikely it will be able to recover the $1.24 billion in damages the court awarded it.
Ever since the Cineworld deal fell apart, Cineplex has been rumoured to be up for sale.
Bloomberg reported earlier this year that Cineplex was sounding out peers Regal Cineworld Group and Cinemark Holdings Inc. to gauge whether they’d want to buy the company.
Jacob didn’t want to comment to The Canadian Press at that time about what he called “speculation” but said if someone made a valid offer that benefits shareholders, the company would consider it.
This report by The Canadian Press was first published Sept. 23, 2026.
By Tara Deschamps
