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Cineplex Inc
Symbol CGX
Shares Issued 63,500,028
Close 2024-10-22 C$ 10.30
Market Cap C$ 654,050,288
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Globe says Comp Bureau shows its metal with Cineplex

2024-10-23 07:09 ET - In the News

The Globe and Mail reports in its Wednesday, Oct. 23, edition that two years ago, Cineplex implemented a $1.50 on-line ticket fee, which the Competition Bureau found to be deceptive marketing. A Globe editorial says previously an afterthought, the bureau is now empowered by a strong leader, an increased budget and stricter rules. Its case against Cineplex is based on the revised Competition Act, designed to better protect Canadian consumers. Cineplex's advertised price lacked clarity about a $1.50 fee, resulting in "drip pricing." In September, the Competition Tribunal found Cineplex deceived customers and imposed a $39-million penalty for the charges, which the company plans to appeal. Canadian law has been rewritten to help revive an ossified economy defined by oligopolies in key industries. It is an overhaul The Globe has strongly supported. In plain terms, the law -- and enforcement -- is about protecting ordinary people who are sometimes unfairly exploited by powerful companies. The Globe says the revamped Competition Act will benefit Canadians and the economy for years. Led by the Liberals, The Globe says these changes are a significant achievement of this minority Parliament, signalling real progress.

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