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Studio Partnership Buys Mann Theatres

January 13, 2000|Associated Press

A partnership owned by the Warner Bros. and Paramount studios has acquired the Mann Theatres chain after a Bankruptcy Court approved a $91-million sale agreement. The theater chain's parent company, closely held WestStar Cinemas Inc., had filed for bankruptcy protection last year. WestStar agreed to sell the chain to WF Cinema Holdings, a partnership of Warner Bros. and Paramount, but the Bankruptcy Court ordered the sale opened up to competitive bids. However, no other companies bid on the 351-screen chain, and the previous agreement was approved. Under terms of the deal, WF Cinema must pay WestStar $46 million immediately and an additional $45 million by Oct. 15, according to court documents. Encino-based WestStar operates 53 Mann Theatres in Colorado and California, including the landmark Mann's Chinese Theatre in Hollywood.

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