COLUMBUS, GA - Carmike Cinemas, Inc. (NASDAQ: CKEC) today announced the signing of a definitive agreement to purchase three digital entertainment complexes in Louisville, KY (Stonybrook 20), Voorhees, NJ (Ritz Center 16) and Hickory Creek, TX (Hickory Creek 16) with an aggregate of 52 screens from Cinemark USA, Inc., a wholly-owned subsidiary of Cinemark Holdings, Inc. (NYSE: CNK).
Terms of the agreement were not disclosed. The transaction is expected to close during the third quarter, subject to customary closing conditions.
"Following up Carmike's successful 251-screen Rave acquisition late last year with an additional purchase of three cutting-edge theatre locations from Cinemark is another important step for our organization as we move toward our 3,000 screen target," stated David Passman, Carmike Cinemas President and Chief Executive Officer. "We continue to actively pursue attractive transactions as we expand our growing circuit."
All of the auditoriums are state-of-the-art, featuring full digital projection and stadium seating. Approximately one-third of the screens are 3-D-capable and Carmike will be adding its eighth IMAX® large format screen, which is located at the Stonybrook 20 in Louisville. Combined with its 19 Big D large format digital experience screens, Carmike will operate 27 premium large-format screens. Carmike is also pleased to be adding 36 screens to its existing, long-term pre-show advertising arrangement with Screenvision. The remaining 16 screens are currently on the Screenvision network.