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|Home: BigScreen Journal - Cinemark Buys 32 Rave Cinemas Locations|
Cinemark USA, Inc. announced recently that they have entered into an agreement with Rave Cinemas to acquire 32 locations in 12 states. The press release says that this is "substantially all of the assets of Rave," but according to our count of our records and Rave's web site, they currently have 46 locations. It's quite possible that the other locations will be closed, as this announcement seems to signal the death knell for Rave Cinemas as a movie chain (they sold off 16 locations to Carmike in October).
"We are excited about the opportunity to bring these two great companies together. Rave associates and field partners have worked hard to build a top-notch circuit, and Cinemark is well known as one of the best in the business," said Rolando Rodriguez, President and CEO of Rave Cinemas. "I am confident that under Cinemark's leadership, Rave's exceptional quality and customer service will be taken to an even higher level."
The deal will have to pass muster with antitrust concerns before it will be finalized. There are no further details about which Rave Cinemas locations are affected.
Cinemark is one of the leading movie theater chains in the country, operating theaters under the brand names of Cinemark, Century Theatres, CinéArts, and Tinseltown.
Source: Cinemark USA Press Release
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