Key, Mirvish conclude Toronto theater sale

Two cinemas sell to N.Y.-based investment firm

TORONTO -- The New York-based private investment firm Key Brand Entertainment said Tuesday that it has completed the sale of two landmark Toronto theaters to Mirvish Prods.

The sale follows last week's decision by an Ontario court to deny a motion from rival producer Dancap Prods., which sought an injunction to block the deal for the Canon and Panasonic theaters.

The Toronto judged ruled that a management agreement Dancap had to run the Panasonic and Canon venues did not preclude Key Brand from selling the theaters to Mirvish.

Key Brand did not put a dollar figure on the sale, but said that the proceeds will be used to retire term loans from JPMorgan and subordinated notes from Aramid Entertainment Fund.