Regal Entertainment Group issued a press release today that announced it has entered into an agreement to purchase the entire Hollywood Theaters chain, which has 48 locations in 16 states and 3 U.S. territories. The press release mentions 43, but the Hollywood Theaters web site agrees with our listing, except that we don't have the Cayman Islands location in our records. It's possible that not all theaters will be part of the acquisition and will be closed or sold.

The deal is subject to the normal reviews and conditions, which may include offloading theaters in areas where overlaps occur, but no additional details were provided.

Hollywood Theaters was formed in 1999 when the six-location Wallace Theater Corporation purchased Hollywood Theaters, Inc., which had 73 locations. Regal Entertainment Group currently has 540 locations under the Regal Cinemas, United Artists Theatres, and Edwards Theatres brands.

Source: Regal Entertainment Group Press Release. Thanks to reader Ron H. for sending us this announcement!

Hollywood Theaters Locations

Alabama

• Hollywood Theaters - Stadium/Mobile -- Mobile

American Samoa

• Hollywood Theaters - Nu'uuli Place Cinemas -- Pago Pago

Arizona

• Hollywood Theaters - Gilbert Stadium Cinemas -- Gilbert

California

• Hollywood Theaters - Malibu Cinemas -- Malibu
• Hollywood Theaters - Mainplace Stadium Cinemas -- Merced

Colorado

• Hollywood Theaters - SouthGlenn 14 -- Centennial
• Hollywood Theaters - Interquest Stadium 14 -- Colorado Springs

Florida

• Hollywood Theaters - Coconut Point 16 -- Estero
• Hollywood Theaters - River City 14 -- Jacksonville
• Hollywood Theaters - Pavilion Stadium 14 -- Port Orange

Guam

• Hollywood Theaters - Guam Megaplex -- Tamuning

Hawaii

• Hollywood Theaters - Kress Cinemas -- Hilo
• Hollywood Theaters - Prince Kuhio Theatres -- Hilo
• Hollywood Theaters - Maui Mall Megaplex Cinema -- Kahului
• Hollywood Theaters - Makalapua Stadium Cinemas -- Kailua-Kona
• Hollywood Theaters - Wharf Cinemas -- Lahaina

Kansas

• Hollywood Theaters - South Wind 12 -- Lawrence
• Hollywood Theaters - Hollywood 14 -- Topeka
• Hollywood Theaters - West Ridge 8 -- Topeka

Louisiana

• Hollywood Theaters - Stadium 14 Covington -- Covington

Missouri

• Hollywood Theaters - Stadium 14 -- Columbia
• Hollywood Theaters - Northstar 14 -- Joplin
• Hollywood Theaters - Forum Cinemas -- Rolla
• Hollywood Theaters - College Station 14 -- Springfield
• Hollywood Theaters - Hollywood 10 -- St. Joseph
• Hollywood Theaters - Plaza 8 -- St. Joseph

Northern Mariana Islands

• Hollywood Theaters - Saipan Megaplex -- Saipan

Montana

• Hollywood Theaters - Gallatin Mall Cinemas -- Bozeman

Nevada

• Hollywood Theaters - Horizon Stadium -- Stateline

Ohio

• Hollywood Theaters - Indian Mound 11 -- Heath

Oklahoma

• Hollywood Theaters - Movies 8/Bartlesville -- Bartlesville
• Hollywood Theaters - Spotlight 14 -- Norman
• Hollywood Theaters - Promenade Palace 12 -- Tulsa

Pennsylvania

• Hollywood Theaters - Crown Center Stadium 14 -- Washington

Texas

• Hollywood Theaters - Star 12 -- Beaumont
• Hollywood Theaters - Movies 14 -- Burleson
• Hollywood Theaters - Stadium 8 -- Early
• Hollywood Theaters - MacArthur Marketplace 16 -- Irving
• Hollywood Theaters - Killeen Stadium 14 -- Killeen
• Hollywood Theaters - Stadium 14 -- Laredo
• Hollywood Theaters - Movies 9 -- Longview
• Hollywood Theaters - Longview Stadium 14 -- Longview
• Hollywood Theaters - Tall City 14 -- Midland
• Hollywood Theaters - Permian Palace 11 -- Odessa
• Hollywood Theaters - Tyler Rose -- Tyler
• Hollywood Theaters - Jewel 16 -- Waco

West Virginia

• Hollywood Theaters - Stadium 12 / Granville -- Morgantown

Wyoming

• Hollywood Theaters - Fox Theatre -- Laramie

Press Release

Regal Entertainment Group Announces Agreement to Acquire Hollywood Theaters

February 19, 2013 09:25 AM Eastern Standard Time

KNOXVILLE, Tenn.--(BUSINESS WIRE)--Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced that it has entered into an agreement to acquire Hollywood Theaters. The purchase price will consist of $191 million in cash, approximately $47 million of assumed lease obligations, comprised of capital leases and financing obligations, and certain working capital. The cash portion of the purchase price includes repayment of approximately $157 million of the sellers’ debt and is subject to customary post-closing adjustments.

The proposed acquisition would add a total of 43 theatres with 513 screens to Regal’s portfolio at a pre-synergy multiple of approximately 5.9 times cash flow and includes theatres in 16 states and 3 U.S. territories. The consummation of the acquisition is subject to customary closing conditions.

“We expect the acquisition of Hollywood Theaters to be accretive to cash flows and earnings and are pleased to announce an agreement to purchase these high quality assets,” stated Amy Miles, CEO of Regal Entertainment Group. “Accretive acquisitions are a key component of our overall business strategy and we look forward to a successful closing and integration of the Hollywood Theater assets during the second quarter,” Miles continued.

Forward-looking Statements:

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2011 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2012. All forward-looking statements are expressly qualified in their entirety by such factors.

About Regal Entertainment Group:

Regal Entertainment Group (NYSE: RGC) is the largest motion picture exhibitor in the United States. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,880 screens in 540 locations in 38 states and the District of Columbia. Regal operates theatres in 43 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.

Additional information is available on the Company's Web site at www.REGmovies.com.