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|Home: BigScreen Journal - Bow Tie Cinemas to Acquire Clearview Cinemas|
Bow Tie Cinemas and Cablevision announced this week that Bow Tie will acquire nearly every movie theater in the Clearview Cinemas chain from parent company Cablevision. The press release states that Bow Tie will acquire 41 theaters, including Clearview's Chelsea, which will become its Manhattan flagship. Bow Tie will not acquire Clearview's Ziegfeld in New York City, but it will operate the theater on Cablevision's behalf. We have the total number of Clearview movie theaters at 47, so we're not sure at this point what will happen to the remaining five, or even which make up that number.
According to the press release, this acquisition will make Bow Tie Cinemas the eighth largest theater chain in the United States, with 388 screens in 63 locations in seven states, and the largest operator in New York City. The company currently owns/operates 20 locations in Colorado, Connecticut, Maryland, New York, and Virginia.
“This is a transformational acquisition for Bow Tie Cinemas and an exciting new chapter in our company’s rich history,” said Ben Moss, CEO of Bow Tie Cinemas. “Going to the movies is a tradition deeply rooted in the local community. Bow Tie makes long-term commitments in the communities where we own theaters by building local partnerships, employing local people and engaging with our patrons. Our mission is to return style and elegance to the movie-going experience™, and we look forward to applying the same approach at our newly acquired locations.”
After the transaction closes later this year (such deals must clear regulatory and legal hurdles), Bow Tie intends to make upgrades in the acquired theaters, including Digital Cinema Projection systems and 3D installations, concession stand upgrades, decorative improvements, and point of sale equipment.
Source: Bow Tie Cinemas, Cablevision Press Release
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