Carmike Chief Executive David Passman (carmike )
Carmike Cinemas, the nation's fourth-largest theater circuit, is bulking up.
The Columbus, Ga.-based chain said Monday it had signed an agreement to buy 16 theaters with 251 screens from Dallas-headquartered Rave Review Cinemas for $19 million in cash and $100.4 million of assumed lease obligations.
Of the 16 theaters being acquired, six are in Alabama, four in Florida, two in Indiana, and one each in Illinois, Pennsylvania, Tennessee and Texas.
“The addition of these 16 state-of-the-art theaters and 251 screens from Rave is a key, opportunistic development for Carmike,'' said Carmike Cinemas President and Chief Executive Officer David Passman.
The chain, which bills itself as "America's Hometown Theatre Chain," previously announced plans to expand its circuit to 300 theaters and 3,000 screens. As of June 30, 2012, Carmike had 233 theaters with 2,245 screens in 35 states.
The acquisition is the latest in the U.S. exhibition industry. China's Dalian Wanda Group recently purchased AMC Entertaiment, the country's second-largest theater circuit, for $2.6 billion.
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