The controversial Reading Cinemas deal is off.

Wellington City Council announced this afternoon that it's ended negotiations because they couldn't get the best possible outcome for Wellingtonians.

Under the proposed deal, Wellington Council was set to buy the Reading Cinemas land for $32 million, then sell it back to Reading after a decade as a way to finance a future refurbishment.



LISTEN ABOVE

The controversial Reading Cinemas deal is off.
Wellington City Council announced this afternoon that it's ended negotiations because they couldn't get the best possible outcome for Wellingtonians.
Under the proposed deal, Wellington Council was set to buy the Reading Cinemas land for $32 million, then sell it back to Reading after a decade as a way to finance a future refurbishment.
 
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.