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| The standard Marcus marquee might be coming to a Nebraska theater near you.|
Marcus Theatres Corporation announced yesterday that they will be acquiring "selected assets" of the Douglas Theatre Company chain, which is based in Lincoln, Nebraska. The transaction is worth approximately $40.5 million in cash (that's a lot of popcorn!).
As part of the deal, seven Douglas Theatres locations in Omaha and Lincoln, Nebraska will be acquired and operated by Marcus. Douglas Theatres is keeping the Cinema Center Theatre in Omaha for a period of time, and will close the Cinema 9 in Omaha. According to the Douglas Theatres Company web site, the Cinema Center was the company's first indoor theater when it opened in 1967.
Marcus has also agreed to purchase an additional site for a new theater in La Vista, Nebraska, and has an option to purchase an undeveloped site in North Lincoln.
The Douglas locations being acquired by Marcus Theatres are:
- 20 Grand
- Village Pointe
- Twin Creek (Bellevue)
- East Park
Marcus Theatres will maintain its spot as the seventh largest movie theater chain in the U.S., operating 678 screens in seven states at 56 locations. The deal is expected to be completed in early April.
Stephen H. Marcus, chairman and chief executive officer of The Marcus Corporation said that following about the deal:
"The purchase of the Douglas Theatres locations is a synergistic addition to our circuit. Our two companies share a similar history, are deeply rooted in the values of the Midwest and have the same focus on guest service and quality. Douglas Theatres' high quality facilities and excellent locations are comparable to Marcus Theatres in our current six-state region, making this a great fit for our company. Douglas Theatres has been an excellent theatre operator for over 50 years and we intend to continue enhancing the outstanding movie-going experience for which Douglas is well known,"
This acquisition follows the purchase last year by Marcus of eleven Cinema Entertainment Corporation (CEC) locations. If you have a theater chain with between 8 and 15 locations and you're looking to sell next Spring, I suggest putting the executives at The Marcus Corporation on your Christmas card list!
Source: Marcus Corporation Press Release
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