New Cineplex CEO optimistic as strong slate of 2027 releases drives stability

TORONTO – Cineplex Inc.’s new chief executive thinks the theatre industry has morphed from recovery mode into a period of sustainable growth.

Bill Walker pointed to overall box office numbers recently exceeding 2019 levels and strong audience numbers at his own cinemas as proof that the industry has more than rebounded.

Movie theatres were struggling to compete with streaming, when the COVID-19 pandemic triggered temporary closures. After reopening, the industry was dealt another blow when twin Hollywood strikes reduced the number of new releases.

But these days, Walker said he feels “pretty optimistic.” 

That’s because he has spotted big studio releases slated for every quarter next year and believes the company will be buoyed by a few unexpected hits as well.

“There’s always going to be some surprises to the upside. There will be surprises to the downside in some of these films, and that is the nature of the business,” he said on a call with analysts Friday. 

“But … from the quantity of movies being released, the consistency of windows, the studio commitment to market those movies as exclusive theatrical releases, I think it’s really constructive as to how that’s going to drive stability in 2027 and then looking even further into 2028 as well.”

Walker’s remarks came a little over a month into his tenure as Cineplex CEO. The former Landmark Cinemas executive joined the Toronto-based chain in September, replacing longtime leader Ellis Jacob.

The same day Walker was given the top job, Cineplex announced plans for a review of strategic alternatives, which it warned could result in a potential sale.

Walker told analysts Friday that he was unable to provide any update on the review or outline what possibilities were being studied in addition to a sale.

“It’s focused on trying to maximize value overall for shareholders and as you can imagine that includes a really broad range of options,” he said. “We’re not going to be able to provide an update on exactly where we’re at in that process, or a specific timeline.”

His remarks came on the heels of Cineplex reporting its most recent quarter ended with a $23.8 million profit, largely because of the hearty audiences drawn in by “Spider-Man: Brand New Day” and “The Odyssey.”

Its third-quarter profit amounted to 34 cents per diluted share for the quarter ended Sept. 30.

The result compared with a profit of $1.2 million or two cents per diluted share a year ago.

Revenue for the quarter totalled $440.2 million, up from $348.9 million in the same quarter last year, as theatre attendance rose to 14.8 million people, up from 12.1 million.

Box office revenue per patron was $14.54 for the quarter, up from $13.23 a year ago, while concession revenue per patron amounted to $9.99, up from $9.65.

This report by The Canadian Press was first published Nov. 6, 2026.

Companies in this story: (TSX:CGX)