Movie theatre ‘visionary': Cineplex CEO Ellis Jacob praised as he plans retirement
TORONTO - Movie theatre giant Cineplex Inc. says president and chief executive Ellis Jacob will retire at the end of next year, in what industry watchers say marks the end of an era for the company.
Cineplex board chair Phyllis Yaffe praised Jacob for his work in building the company over the past four decades. The company said Jacob will continue to lead Cineplex in the interim and help in the transition to new leadership.
'Ellis is, quite simply, a giant in our industry,' Yaffe said in a press release.
'It has been a privilege to work alongside him for many years and we look forward to working with him through this transition.'
Jacob was appointed president and chief executive of Cineplex in 2003 when the Canadian assets of Lowes Cineplex Entertainment and Galaxy Entertainment Inc. were merged.
Before his current role, Jacob was president and CEO of Galaxy Entertainment, which he co-founded in 1999.
That shift more than 20 years ago marked the first time in decades that Canada's movie theatre footprint was largely owned by Canadian companies, said Paul Moore, a professor of film history at Toronto Metropolitan University.
'Ellis Jacob is there at the helm of another moment of a big transition in the industry here in Canada — he's at the helm of actually creating a Canadian-owned business that runs the majority of movie theatres across Canada,' said Moore.
'Historically, if you look back from the 1930s all the way up to the 1990s, there's always been concern about our movie theatres are owned by Hollywood, and that's why we don't see our own stories on screen. Well, for 20 years now, we've had Cineplex being Canadian-owned.'
Moore said the company has navigated a number of challenges during Jacob's leadership, including the rise of streaming platforms and plummeting box office sales during the COVID-19 pandemic.
He said the company has pulled through 'partly because of its gorilla-sized proportion of the market' in Canada.
'So whenever a blockbuster does come along like Top Gun Maverick or most recently, the Minecraft movie, it's almost always a Cineplex theatre that Canadians go see that big blockbuster,' said Moore.
'And it's kind of protected them to a certain extent from competition domestically, and helped the transition here in Canada of the decline of everyday movie-going and the real shift to only occasional blockbuster movie-going.'
Cineplex spent much of the pandemic period grappling with the fallout from its failed sale to U.K. theatre company Cineworld Group PLC.
The scuttled $2.8 billion deal wound up in a court battle meant to decide whether Cineworld had the right to walk away from the transaction. A judge sided with Cineplex, but Cineworld made an appeal before it filed for bankruptcy in the United States. Cineplex has since said it does not expect to meaningfully recoup its costs.
Today, Cineplex has more than 170 movie theatres and entertainment venues across Canada. The company has also long run its RecRoom arcade and dining venues, which Moore noted has helped diversify the movie-going experience for consumers.
In a statement, Jacob said he has 'unwavering confidence in Cineplex's bright future' and was committed to working with the company's board as it transitions to a new CEO.
'After thoughtful consideration, I welcome this next chapter,' he said.
'For decades, I have been focused on making Cineplex a great Canadian company, and I move forward with immense pride in what we've built for generations of Canadian movie fans who come to us for those magical moments of escape that can only be found in a true theatre experience.'
RBC analyst Drew McReynolds said Jacob 'has been the visionary beating heart of not only Cineplex but the broader theatrical exhibition industry for decades.'
'While these shoes are next to impossible to fill, we expect the leadership transition at Cineplex to be seamless and believe the transition timing is consistent with what should be a full industry recovery by 2026,' McReynolds said in a note on Friday.
This report by The Canadian Press was first published June 27, 2025.
Companies in this story: (TSX:CGX)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hamilton Spectator
an hour ago
- Hamilton Spectator
Bitcoin Treasury Corporation Announces Completion of Initial Bitcoin Acquisition Phase and Now Holds a Total of 771.37 Bitcoin
Not for distribution to United States news wire services or for dissemination in the United States. TORONTO, June 27, 2025 (GLOBE NEWSWIRE) — Bitcoin Treasury Corporation (TSXV:BTCT) ('Bitcoin Treasury' or the 'Corporation'), is pleased to announce that it has completed the initial phase of its Bitcoin accumulation plan in alignment with its core strategy to accumulate Bitcoin as a principal treasury asset. The Corporation acquired 478.57 Bitcoin for a total purchase price of CAD$70 million. The Corporation now holds 771.37 Bitcoin on its balance sheet. This results in a starting Bitcoin per Share ('BPS') of approximately 0.0000634. BPS is calculated on a fully diluted basis, accounting for the convertible debentures but excluding warrants. Bitcoin Treasury Corporation will continue to accumulate Bitcoin as part of its broader strategy to build long-term shareholder value. The Corporation plans to deploy its Bitcoin holdings through institutional lending and liquidity services, offering counterparties access to capital while maintaining a strong focus on financial security and risk management. The Corporation views Bitcoin not only as a long-term reserve asset, but as a foundational pillar of its business model and revenue strategy. Through disciplined corporate finance and institutional-grade Bitcoin services, the Corporation aims to grow BPS and redefine corporate treasury management for the digital age. About Bitcoin Treasury Bitcoin Treasury Corporation is a Canadian-based company focused on institutional-grade Bitcoin services, initially offering Bitcoin-denominated loans. Bitcoin Treasury's core strategy is to build shareholder value through the strategic accumulation and active deployment of Bitcoin. Recognizing Bitcoin's finite supply and long-term potential, the Corporation intends to maintain a robust treasury position while supporting the development of its service offerings. For further information, please contact: Bitcoin Treasury Corporation Elliot Johnson, Chief Executive Officer Phone: 416-619-3403 Email: ejohnson@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward-Looking Statements This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects' or 'does not expect', 'is expect', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', or variations of such words and phrases) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: business integration risks; the Corporation's operating results will experience significant fluctuations due to the highly volatile nature of Bitcoin; the Corporation operates in a heavily regulated environment and any material changes or actions could lead to negative adverse effects to the business model, operational results, and financial condition of the Corporation; evolving cryptocurrency regulatory requirements and the impact on the Corporation's business plan; Bitcoin value risk; reliance on key personnel; implementation of the Corporation's business plan; lack of operating history; competitive conditions; de banking and financial services risk; anti money laundering and corrupt business practices; additional capital; financing risks; global financial conditions; insurance and uninsured risks; cybersecurity risks; changes to bank fees or practices, or payment card networks; audit of tax filings; market for the Bitcoin Treasury Shares; market price of the Bitcoin Treasury Shares; conflicts of interest; internal controls; tariffs and the imposition of other restrictions on trade could adversely affect the Corporation's business; risk of litigation; pandemics or other health crisis; acquisitions and integration; risk of dilution of Bitcoin Treasury securities; dividend policy; Bitcoin price volatility; custodial risks; technological vulnerabilities; Bitcoin transactions are irreversible and may result in significant losses; short history risk; limited history of the Bitcoin market; potential decrease in the global demand for Bitcoin; economic and political factors; top Bitcoin holders control a significant percentage of the outstanding Bitcoin; availability of exchange traded products liquidity; security breaches; the requirements that accompany being a publicly traded company may put a strain on the Corporation's resources, divert attention from management, and adversely affect its ability to maintain and attract management and qualified board members; liquidity risk; leverage risk; and share price fluctuations. Although management of the Corporation believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward -looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law. The TSXV has neither approved nor disapproved the contents of this news release.
Los Angeles Times
2 hours ago
- Los Angeles Times
Plan for 4,000 housing units at Fairview Developmental Center chafes Costa Mesans
After years of negotiations with the state, Costa Mesa is pondering housing scenarios at the former Fairview Developmental Center. But a recent plan to accommodate 4,000 units housing 10,000 people isn't sitting well with some of the city's current residents. The site was decommissioned as a state hospital during the COVID pandemic, and after carving out a 15-acre portion for a regional emergency operation center, state officials have granted the city an opportunity to zone the remaining space for badly needed residential units. While Costa Mesa will not own the property — the state will ultimately select a developer — officials were given $3.5 million by the state to develop a set of guidelines under which thousands of units could be built, a process that landed at a planning commission meeting Monday. City staff shared early sketches of a specific plan to guide future redevelopment at the site and codify the wishes of the city regarding open space, circulation, density and other planning aspects. The site was included in the city's housing element as having the capacity for at least 2,300 units, 40% of which would be affordable. Suggestions about different building scenarios, configurations and unit numbers were gathered during six public meetings and workshops held between November 2023 and August 2024. Planning commissioners were given a progress report during a study session last month. Three hypothetical land use scenarios were put before commissioners at that meeting and, with some revisions by city planners based on input provided, were presented again Monday for public input. Fairview Promenade, the smallest development, hews to the housing element's 2,300 units and would include 25,000 square feet of commercial/retail space with 14 acres of open space for an estimated 5,744 residents and one access road from the property to nearby Harbor Boulevard. A slightly larger project, dubbed Fairview Fields, would contain up to 3,450 units housing 7,816 people and 18 acres of open space with a second access road onto Harbor that would bisect the Mesa Linda golf course of the city-owned Costa Mesa Country Club. Fairview Commons — a third option not presented during the city's copious public workshops but now identified by staff as the 'preferred option' — would have the capacity for 4,000 units and would contain up to 35,000 square feet of commercial development and two access roads, leaving just 7.9 acres of open space for an estimated population of 10,232 individuals. Why the latecoming third entry? Staff explained during the May 27 study session that the only way to ensure viability of the affordable units indicated in the housing element, 40% of 2,300 units, or 920 units, and make it economically feasible for a hypothetical developer would be to add more market-rate units, a fact they reiterated. 'Somewhere between 3,450 and 4,000 units is shown to be roughly feasible, based on our financial feasibility analysis,' planning and sustainability development manager Anna McGill told commissioners. 'We have a responsibility to plan and draft and create a specific plan for the FDC site that ensures future development provides all the required infrastructure, public services, open space, public safety services and appropriate development fees to support the level of development we anticipate seeing.' The more densely developed scenario did not sit well with local residents, who shared concerns about the lack of open space and an access road cutting across the public golf course. Resident and youth sports advocate Bob Knapp questioned hampering the operations of the golf course, which brings in needed revenue for the city, to accommodate a densely packed living community. 'I trust everybody on this dais to do the right thing and what's best for the city,' he said. 'But now that I see what's up here now, I guarantee you 4,000 units was never a part of the discussion. Please relook at this because, honestly, it needs more work.' Others commenting Monday questioned how the new neighborhood might be incorporated into the surrounding area, how families would commute to nearby schools and what the impact of more than 10,000 new residents would be on the existing civic infrastructure, including streets, utilities and public safety resources. Commissioners expressed their own hesitations about the 4,000-unit preferred land use option, acknowledging while it may align with the state's desire to bring new units during a statewide housing crisis, it hardly aligned with residents' needs and desires. 'We're looking at a staff report and plans that are largely responsive to the state and its mandates,' said Vice Chair Jon Zich. 'What you're not seeing here, and what we're hearing from you is that you're not seeing a plan that's responsive to your interests, to your needs — I think that needs to change.' Zich recommended residents petition the City Council for changes whenever the matter appears on its agenda. Chair Jeff Harlan said Fairview Developmental Center has always been, for better or worse, a repository for everybody's hopes and fears. 'A lot of people want it to be this incredible opportunity for a new neighborhood, developed with a new planning paradigm. And then others are just concerned about what the actual impacts would be,' he said. 'At the end of the day this is a property owned by the state — we have very limited control. But our control is actually in the planning process right now.' Harlan acknowledged a deadline for the city to develop a specific plan by December hardly seemed feasible and recommended staff seek an extension from the state. McGill said the city was already in the process of asking the state for more time to hash out the details of the specific plan.
Business Upturn
3 hours ago
- Business Upturn
Shefali Jariwala passes away: Late actress once opened up on battling anxiety and depression after Bigg Boss 13
By Aditya Bhagchandani Published on June 28, 2025, 01:32 IST Shefali Jariwala, fondly remembered as the 'Kaanta Laga girl', has tragically passed away at the age of 41 following a sudden cardiac arrest. She was brought dead to Bellevue Multispeciality Hospital in Andheri by her husband, actor Parag Tyagi, and others on Friday. The hospital later confirmed her passing, and her body has been sent to Cooper Hospital for a post-mortem. While her sudden demise has left fans and industry colleagues shocked, Shefali had earlier spoken openly about her battle with anxiety and depression after her participation in Bigg Boss 13 . In a heartfelt conversation on Paras Chhabra's podcast, Shefali revealed how the transition from the Bigg Boss house to normal life became mentally overwhelming. 'After Bigg Boss ended, I used to scream and talk loudly at home. Parag would constantly remind me that I was no longer inside the Bigg Boss house and needed to relax,' she had said. Adding to her struggle, the COVID-19 lockdown immediately followed her exit from the show, leaving her feeling emotionally trapped. 'We were out of the house, but then locked down again. I suffered from anxiety and depression for a year,' she had shared. Shefali had also spoken about facing intense trolling in her early career, especially after the success of her breakout song Kaanta Laga , and how those experiences shaped her into a stronger person over the years. Her sudden death has left a deep void in the entertainment industry. Fans continue to mourn her loss while recalling her courage in speaking about mental health challenges and resilience. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
