Carmike buys Sundance Cinemas for $36M
COLUMBUS, GA (WTVM) - Carmike Cinemas, the nation's fourth-largest theater chain, is getting even bigger adding more theaters and movie screens to its network.
The Columbus-based company has agreed to purchase Robert Redford's Sundance Cinemas for $36 million.
The deal adds 37 screens and five theaters to Carmike's chain, including locations in San Francisco, West Hollywood, Houston, Seattle and Madison, Wisconsin.
David Passman, Carmike's chief executive, said the theaters would have little overlap with the chain's current locations.
"Sundance has been enormously successful in creating a compelling consumer experience and shares our mission and vision of offering a world-class movie-going experience, including an impressive premium dining offering," Passman said in a statement. "We expect that this acquisition will allow Carmike to capture proportionally higher attendance rates for non-blockbuster titles and provide additional luxury expansion opportunities and meaningful cost synergies as we increase scale to optimize film exhibition and other support costs."
After the transaction is complete, Carmike will operate 274 theaters with 2,909 screens in 41 states.
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