Cineplex (CGX) was up 5% following the $70M divestiture of its place-based media business. It’s a small one, given it represents less than half of the total media business…

… which is only ~10% of Cineplex’s top-line. While the proceeds should only have a small impact on the company’s leverage profile and buyback program…

… that’s not what got the market excited. At ~10x EBITDA, the deal is priced more than two turns above where CGX trades today - leaving investors wondering how else the company could unlock value from here.