Cuban Acquires Stake in Carmike

COLUMBUS, Ga. (WXTX)- The billionaire owner of the Dallas Mavericks and co-owner of the Landmark Theaters chain has acquired a 9.4% stake in Carmike Cinemas Inc.

A regulatory filing today shows Mark Cuban reported buying 1.2 million shares of Carmike on the open market with approximately $2.8 million of his own money.

Carmike has 252 theatres in 36 states, including six in Colorado that operate under the names Carmike, Chapel Hills and Chief Plaza in Colorado Springs, Fort Collins, Grand Junction, Greeley and Steamboat Springs.

The Securities and Exchange Commission filing says Cuban has been acquiring the shares through his personal investment account since mid-October.

It also says Cuban acquired his stake in Columbus, Ga.-based Carmike for investment purposes.

He reserved his right to discuss the company's performance and strategic direction with Carmike's stockholders, officers or directors.

Cuban co-owns Landmark Theatres with Todd Wagner. Landmark operates 57 theatres in 24 markets, including three in Denver and one in Greenwood Village (Colo.).

The Wagner/Cuban Cos. also include distribution company Magnolia Pictures, production company 2929 Productions, and high definition cable networks HDNet and HDNet Movies -- which have dual headquarters in Denver and Dallas.

Carmike shares are up 13 cents, or 6.4%, at $2.16 in afternoon trading. The stock has traded between $1.37 and $11.37 during the past 52 weeks.

Carmike Cinemas Inc.:

Landmark Theatres: