OFT decides not to refer Cineworld deal

20th Oct 2010 15:40

Shares in Cineworld have edged higher after the Office of Fair Trading said that it will not refer its acquisition of the cinema at the O2 music arena in Greenwich to the Competition Commission. In June, Cineworld was awarded the rights to operate the cinema on the site of the O2 arena for 25 years. It agreed a lease with the Waterfront Limited Partnership, part of the Anschutz Entertainment Group (AEG), with Cineworld assuming operational control of the complex on 25 June 2010.The cinema has 11 screens and can seat up to 2,844 people. The cinema generated £4.1m in box office takings in 2009. Cineworld operates 78 cinemas with 801 screens.