Cineplex, one of Canada’s largest entertainment tenants with 169 cinemas and other venues across the country, has launched a strategic review that could include a sale of the company.

The Toronto-based operator has retained Goldman Sachs and TD Securities to consider a range of alternatives. Cineplex said there is no guarantee the review will result in a transaction and has not set a timetable for the process.

The announcement adds a new chapter for a company whose real estate footprint stretches across major regional malls, suburban shopping centres and standalone entertainment properties. Cineplex operated 152 theatres and 17 entertainment venues as of June 30, including The Rec Room, Playdium and Cineplex Junxion.

Most of those locations are leased. Cineplex says its property leases generally run 15 to 20 years, often with renewal options of another five to 10 years. The company reported $1.46B in undiscounted lease obligations at the end of 2025, including $662.3M extending beyond five years.

The review follows earlier signs that Cineplex was testing the market. Bloomberg reported in April that then-CEO Ellis Jacob had contacted Regal Cineworld Group and Cinemark Holdings to gauge interest in acquiring the company.

It also comes as Bill Walker replaces Jacob as CEO. Walker previously led Landmark Cinemas through its 2017 sale to Kinepolis Group.

Cineplex has recently been trimming parts of its portfolio. During the second quarter, it closed its five-screen Miramichi, N.B., theatre.

At the same time, operating results have strengthened. Cineplex reported record second-quarter revenue of $383.7M and its highest monthly box office on record in August.