Cineplex CEO Ellis Jacob has announced plans to retire at the end of 2026, signaling the end of a major chapter in Canadian cinema as the company bounces back from pandemic-era setbacks.
Jacob, who nearly exited the company in 2020 when Cineworld attempted a $2.1 billion acquisition before the deal collapsed due to COVID-19, says the timing now feels right. “I was supposed to sell the company five and a half years ago, and COVID hit. That wasn’t a good time. But now it’s an appropriate transitional time because I feel we will be a stronger and better company,” he said.
His retirement announcement came as Cineplex reported a strong second quarter performance. Total revenue jumped 30.5% to $361.8 million CAD (about $262.6 million USD), powered by box office draws like Minecraft, Lilo & Stitch, and Mission: Impossible – The Final Reckoning.
Attendance surged nearly 33% to 11.6 million moviegoers, while box office revenue rose 38.4% to $158.5 million CAD ($115 million USD). The company also set new records for per-patron spending at both the box office and concession stands.
Net losses were sharply reduced to $2.2 million CAD, a major improvement compared to the $21.3 million CAD loss reported during the same quarter last year.
“With the momentum we’re seeing across our business, especially going into the second half of the year, the outlook is very encouraging,” said Jacob.
Executives pointed to four consecutive quarters of strong performance as evidence that cinema is far from dead. “We believe this momentum is more than a trend — it’s a signal of what’s possible when great content meets great experiences,” said CFO Gord Nelson.
Jacob also highlighted the growing commitment to theatrical releases from major players like Amazon MGM and Skydance-owned Paramount, as well as Apple’s promising performance with the recent F1 film. “As much as the streamers talk, the movie experience and word of mouth still drive results,” Jacob added.
His exit in 2026 is expected to coincide with continued growth for Cineplex, as the global film industry stabilizes and theatrical viewing reasserts its relevance in the entertainment landscape.
