MUMBAI: Regal Entertainment Group, a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, 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 three US 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 Regal Entertainment Group CEO Amy Miles.
"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.
Tag: Regal Entertainment
-
Regal Entertainment to acquire Hollywood Theaters for $191 million
-
Grey takes top honours at weekend box office
MUMBAI: American action thriller, The Grey, has surpassed analyst expectations to rake in $20 million in the US and Canadian cinemas to lead the box office over the weekend.
The Liam Neeson starring movie had earned positive appraisal from the critics and was predicted to earn $14.5 million. The movie released 27 January across 3,185 US and Canadian theatres and earned an average of $6,279 per-theatre.
The movie was bought for $5 million by distributor Open Road Films, owned by Regal Entertainment Group, AMC Entertainment Holdings Inc. and Cinemark Holdings Inc. It was launched in response to shrinking output by major studios.This was the distributor’s second release following “Killer Elite” in September.
The film also went past last week’s top film Underworld: Awakening, which has been relegated to second position with sales worth $12.5 million. The vampire-versus-wolf series has earned $45.1 million since it opened on 20 January.
At the third spot was Katherine Heigl-starring One for the Money, which had sales worth $11.8 million in its first weekend. While, Anthony Hemingway-directed Red Tails war film about black fighter pilots in World War Two, got $10.4 million to land in fourth place in its second weekend in theaters.
Fifth on the box office was Sam Worthington-starring thriller film Man on a Ledge with sales of $8.3 million, according to Hollywood.com Box-Office.