Cinemark USA Inc., one of the world's largest theater chains, on Friday announced plans to sell off all of its Mexican theaters.
The Texas-based chain, the third-largest theater company in the U.S., plans to sell its 31 theaters in Mexico -- representing 290 screens -- to two Mexican theater companies, Grupo Cinemex and Cadena Mexicana de Exhibicion.
“This transaction allows us the opportunity to provide greater focus on the growth of our remaining Latin American operations located throughout Central and South America," Tim Warner, Cinemark’s chief executive, said in a statement.
Cinemark began its Mexican theater chain in 1994 and has since opened theaters in Brazil, Argentina and 10 other Latin American countries. In all, the company operates 461 theaters with 5,207 screens in the U.S. and abroad.
"I am pleased that we are being acquired by such a well-respected company that is committed to the industry," said Roberto Jenkins, general manager of Cinemark Mexico. "I am confident Cinemex’s leadership and execution will further enhance the success of the assets.”
The Mexican theaters had 12.9 million patrons last year and brought in $73.7 million in revenue for Cinemark, the company said.
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