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AMC Entertainment will acquire Carmike Cinemas, creating the largest chain of movie theaters in the United States, as well as worldwide.
According to the press release issued by the companies, AMC has 5,426 screens at 387 locations, with most in the top markets in the country. Carmike has 2,954 screens at 276 locations, mostly in mid-sized communities outside of large cities. The combined companies represent over 600 locations in 45 states. The deal will make AMC the largest theater exhibitor in the U.S. and the world, overtaking Regal Entertainment Group (AMC is currently #2 and Carmike is #4). AMC was acquired by China's Dalian Wanda Group in 2012.
Commenting on the transaction, AMC Chief Executive Officer and President, Adam Aron said, “This is a compelling transaction that brings together two great companies with complementary strengths to create substantial value for our guests and shareholders. Through this transaction we expect to unlock synergies, sufficient we believe to make this transaction accretive in 2017. AMC also gets to extend the reach of our innovative, guest-experience strategies to further transform the movie-going experience for millions of new guests. We also look forward to welcoming so many talented Carmike employees to the AMC team.”
“Our combination with AMC is a transformative milestone for Carmike and one that provides significant value to Carmike shareholders,” stated David Passman, Carmike President and Chief Executive Officer. “By joining with AMC, we are bringing together two highly complementary theatre footprints and a shared commitment to service and innovation, positioning the combined company to deliver an even more compelling movie-going experience in many more locations across the country. I am proud of the Carmike employees whose dedication and hard work have made this combination and its many benefits possible. We look forward to working together with the AMC team to complete the transaction and to ensure a seamless transition.”
AMC recently completed the acquisition of Starplex Cinemas in December 2015. That chain had purchased Showplex Cinemas in 2013. In 2010, AMC acquired 96 locations from Kerasotes Showplace Theatres. Carmike has been acquiring locations in recent years, with purchases of Sundance Cinemas in 2015, Digital Cinema Destinations Corp. (Digiplex) in 2014, Muvico Entertainment in 2013, and others.
The transaction is expected to be completed by the end of 2016, but will be subject to everything falling into place, and regulators will have their say, which may result in some locations being divested (but that was not mentioned in the press release).
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That probaby inclues the Lakeview Cinema in Battle Creek. Someday, i will have the check out the new theeather under the new owners. I have never been to an AMC theatre and I was hoping to do it pretty soon.
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