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Cineplex Inc
Symbol CGX
Shares Issued 63,685,728
Close 2024-10-02 C$ 10.47
Market Cap C$ 666,789,572
Recent Sedar Documents

FP says Cineplex the first to feel watchdog's heat

2024-10-02 07:58 ET - In the News

The Financial Post reports in its Wednesday edition that the Competition Bureau of Canada is warning corporate Canada to prepare for stricter merger controls, higher financial penalties and more frequent challenges following changes to the Competition Act. The Post's Jordan Gowling writes that bureau commissioner Matthew Boswell said, "Today, we have a law that is significantly stronger, one that finally addresses many of the long-standing inadequacies of the Competition Act." The act has gone through three rounds of amendments. The most recent round strengthened the watchdog's ability to target deceptive marketing such as bogus discount claims, unsupported environmental claims and drip pricing, a tactic through which fees and other charges are added to the promoted price of an item. These changes have already played out in the Competition Tribunal's decision last week to levy a $38.9-million fine against Cineplex, for obfuscating a hidden booking fee of $1.50 for theatregoers who decided to buy their tickets on-line. Mr. Boswell said, "The decision sends a strong message that businesses should not engage in drip pricing and need to display their full prices upfront whenever additional fees are mandatory for consumers."

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