Comments for Journal Article: National Amusements Selling 35 Theaters to Rave Motion Pictures
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National Amusements Selling 35 Theaters to Rave Motion Pictures
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I think this deal is probably for some of NA's best locations. Sumner Redstone took out a whopping $1.5 billion loan to pay his divorce settlement, and he put the entire chain up for sale, with the exception of 15 locations in the Northeast and its European theaters, when the loan came due. Because of the recession, there have been no takers up until now. The Bridge in LA is one of NA's crown jewels. I think Rave is cherry picking NA's best sites at bargain basement prices.
This is doubly sad for NA because Sumner has said he no longer believes in the exhibition business and is concentrating on owning content through his ownership of Viacom and CBS..
We found a reference for the locations affected by this sale, so they've been attached to this article.
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