Global media company Viacom has announced the C$500m (US$400m, £220m, 220m euros) sale of Canadian-based theatre chain Famous Players to Cineplex Galaxy.

Cineplex will pay C$464m (US$370m, £200m, 300m euros) in cash and assume C$36m (US$30m, £16m, 24m euros) in capital lease obligations for Famous Players, which operates 81 theatres and 787 screens across Canada – including cinemas in partnership with IMAX and Alliance Atlantis.

For the acquisition to be approved by the Canadian Competition Bureau, Cineplex has agreed to sell 35 cinemas – with combined annual box office revenues of about C$100m (US$80m, £44m, 66m euros) – which are located in towns where both Cineplex and Famous Players currently operate.

After completion the chain will consist of 132 sites. Details: www.cineplex.com