Carmike Cinema Group Acquires Rave Cinemas
The acquisition was announced Monday. The transition will take place before the end of the year.
Carmike Cinemas just extended its reach.
According to a recent press release, Rave Cinemas was acquired by the Carmike Cinema family of theaters late Monday morning.
The acquisition was part of a larger purchase agreement that included 16 theaters in seven states. The release states the Carmike Theater company paid $19 million in cash and assumed $100.4 million in lease obligations as part of the agreement.
"The addition of these 16 state-of-the-art theatres and 251 screens from Rave is a key, opportunistic development," said Carmike Cinema president and CEO David Passman. "We also look forward to enthusiastically welcoming the Rave associates at these theatres to the growing Carmike family."
According to recent articles, Carmike shows special features similar to the Rave theaters, with classic movies, operas and sporting events rounding out the usual movie fare in theaters nationwide.
The full agreement includes the following theaters:
|AL||Birmingham||Lee Branch 15|
|AL||Birmingham||Patton Creek 15*|
|AL||Birmingham||Vestavia Hills 10|
|AL||Daphne||Jubilee Square 12|
|AL||Huntsville||Valley Bend 18*|
|AL||Orange Beach||Wharf 15|
|FL||Port St. Lucie||Port St. Lucie 14|
|IN||Fort Wayne||Jefferson Point 18*|
|IL||Peoria||Grand Prairie 18*|
|PA||Allentown (CV)||Promenade 16*|
|TN||Chattanooga||East Ridge 18*|
* Denotes theatre with an IMAX auditorium