AMC buys Kerasotes Showplace Theatres
In a sign of further consolidation in the exhibition business, AMC Entertainment, the nation's No. 2 theater circuit, said today it had reached an agreement to acquire "substantially all" of the assets of Chicago-based Kerasotes Showplace Theatres.
Privately held Kerasotes, the nation's sixth-largest circuit, owns 96 theaters and 973 screens in mid-sized suburban and metropolitan markets, mostly in the Midwest. Financial terms were not disclosed.
Based in Kansas City, Mo., AMC has interests in 304 theaters with 4,574 screens in five countries.
"Combining Kerasotes' highly regarded assets and operations with our own is a natural way for us to continue redefining the future of our industry,'' said AMC Chief Executive Gerry Lopez in a statement. "With almost 200 years in the exhibition business between us, our collective experiences and our complementary geographic footprints will allow us to maintain the reputation for excellence and leadership that is part of each company's culture."The acquisition follows another major deal in the theater business, coming on the heels of Rave Cinemas' announcement that it is acquiring up to 35 theaters owned by Sumner Redstone's family-owned circuit, National Amusements.
-- Richard Verrier