Cineplex Inc. has announced the sale of its digital rentals business to a subsidiary of CosmoBlue Media for “nominal proceeds.”
The Toronto-based theatre operator has not disclosed the terms of the deal, which quietly closed last month, transferring ownership of the Cineplex Store to the Swiss media company’s Canadian arm.
Cineplex spokesperson Michelle Saba described CosmoBlue as “a strategic buyer” for the store, originally launched in 2008 to sell DVDs and Blu-ray discs online. Saba stated that now is an opportune time to sell, as the business has shifted focus to streaming, a rapidly growing market.
Despite the sale, Cineplex Store customers will still have access to their libraries and can continue renting movies via the platform. The Cineplex Store name will remain temporarily before transitioning fully to CosmoBlue later this year.
Source: Swifteradio.com
