Cinemark USA, Inc., the nation's third largest theater chain, said it is acquiring Rave Cinemas, the Dallas, Texas based chain that operates the former Bridge theater in Los Angeles, for $240 million.
The deal, which is subject to regulatory approval, includes 32 theaters located in 12 states, representing 483 screens.
Based in Plano, Texas, Cinemark operates 461 theatres with 5,207 screens in 39 U.S. states, Brazil, Mexico, Argentina and 10 other Latin American countries.
"The acquisition of these high quality assets will further enhance Cinemark's diversified domestic footprint, including the expansion of our presence in the New England market," Tim Warner, Cinemark's Chief Executive Officer said in a statement.
The theaters generated revenues of $228 million and net income of $21.9 million in the last year.
Launched in 1999, Rave expanded by acquiring and renovating theaters in underserved smaller markets in the South and Midwest, including Ft. Wayne, Ind., Baton Rouge, La., and Peoria, Ill.