News





Carmike acquires nine complexes from Muvico Theaters

Nov 4, 2013

Carmike Cinemas signed a definitive agreement to purchase nine entertainment complexes with an aggregate of 147 screens located in Florida, California and Illinois from Muvico Entertainment, LLC for $31.75 million in cash. The transaction is expected to close in the fourth quarter of 2013.

Upon closing, Carmike’s theatre portfolio will increase to 257 theatres with an aggregate of 2,681 screens in 37 states. The acquisition is projected to add incremental revenue of $68 million for the 12-month period ended August 31, 2013.

Carmike Cinemas’ President and Chief Executive Officer David Passman stated, “Similar to Carmike, Muvico is a cinema technology leader and industry pioneer, with recent capital expenditures for digital projection system upgrades, IMAX and MuviXL large format screens, installations of cutting-edge sound, reserved seating and ticket kiosks, as well as additional facility enhancements. We expect limited incremental maintenance capital expenditures on these acquired facilities over the near-term.

“The acquisition also will bring two Bogart’s Bar & Grill restaurants to our circuit at the Thousand Oaks, Calif. and Rosemont, Ill. complexes, furthering our entry into the full-service food and beverage arena. A majority of the theatres have beer and wine service, as well as on-site entertainment centers, party rooms and conference facilities.”

Of the acquired auditoriums, 97% feature digital projection systems and all contain stadium-seating configurations. Approximately 24% of the screens are 3D-capable and four theatres have premium large-format screens. All locations include D-BOX motion-code action seats.

Of the nine theatres being purchased, seven are located in Florida, where Carmike currently has 13 locations. The Rosemont 18 is slated to be Carmike’s 11th Illinois theatre. The Thousand Oaks 14 will be Carmike’s first California-based complex, marking its 37th state with at least one location. All 147 screens in this prospective transaction are already participants in Screenvision’s cinema-advertising network.


Carmike acquires nine complexes from Muvico Theaters

Nov 4, 2013

Carmike Cinemas signed a definitive agreement to purchase nine entertainment complexes with an aggregate of 147 screens located in Florida, California and Illinois from Muvico Entertainment, LLC for $31.75 million in cash. The transaction is expected to close in the fourth quarter of 2013.

Upon closing, Carmike’s theatre portfolio will increase to 257 theatres with an aggregate of 2,681 screens in 37 states. The acquisition is projected to add incremental revenue of $68 million for the 12-month period ended August 31, 2013.

Carmike Cinemas’ President and Chief Executive Officer David Passman stated, “Similar to Carmike, Muvico is a cinema technology leader and industry pioneer, with recent capital expenditures for digital projection system upgrades, IMAX and MuviXL large format screens, installations of cutting-edge sound, reserved seating and ticket kiosks, as well as additional facility enhancements. We expect limited incremental maintenance capital expenditures on these acquired facilities over the near-term.

“The acquisition also will bring two Bogart’s Bar & Grill restaurants to our circuit at the Thousand Oaks, Calif. and Rosemont, Ill. complexes, furthering our entry into the full-service food and beverage arena. A majority of the theatres have beer and wine service, as well as on-site entertainment centers, party rooms and conference facilities.”

Of the acquired auditoriums, 97% feature digital projection systems and all contain stadium-seating configurations. Approximately 24% of the screens are 3D-capable and four theatres have premium large-format screens. All locations include D-BOX motion-code action seats.

Of the nine theatres being purchased, seven are located in Florida, where Carmike currently has 13 locations. The Rosemont 18 is slated to be Carmike’s 11th Illinois theatre. The Thousand Oaks 14 will be Carmike’s first California-based complex, marking its 37th state with at least one location. All 147 screens in this prospective transaction are already participants in Screenvision’s cinema-advertising network.

More Cinemas

Marcus Movie Rewards program tops half a million members

Marcus Theatres announced that membership in its Magical Movie Rewards program has reached 500,000 More »

Regal Cinemas searches for 'cheesiest selfie'

From now until August 11, Regal Cinemas and Tostitos are searching for the cheesiest selfie More »

Studio Movie Grill announces coast-to-coast expansion

Studio Movie Grill is stretching to both coasts with new locations announced in Florida, Pennsylvania and California More »

Vue names Kevin Styles managing director for U.K. and Ireland

Vue Entertainment International appointed Kevin Styles to the newly created role of managing director for the U.K. and Ireland More »

ADVERTISEMENT



REVIEWS

Get On Up
Film Review: Get On Up

Chadwick Boseman is sensational in this multi-faceted portrait of troubled, pioneering soul-music giant James Brown. More »

Guardians of the Galaxy review
Film Review: Guardians of the Galaxy

With Marvel’s backing, cult filmmaker James Gunn blasts off for the stars and takes audiences along for a wild, funny ride. More »

Player for the Film Journal International website.


ADVERTISEMENT



INDUSTRY GUIDES

» Blue Sheets
FJI's guide to upcoming movie releases, including films in production and development. Check back weekly for the latest additions.

» Distribution Guide
» Equipment Guide
» Exhibition Guide

ORDER A PRINT SUBSCRIPTION

Film Journal International

Subscribe to the monthly print edition of Film Journal International and get the full visual impact of this valuable resource for the cinema business.

» Click Here

SPONSORSHIP OPPORTUNITIES

Learn how to promote your company at the Film Expo Group events: ShowEast, CineEurope, and CineAsia.

» Click Here