Gc Companies Inc

Harcourt General Inc. said Wednesday that it will spin off its General Cinema Theatre chain--the nation's third-largest in revenue and fourth-largest in screens--to its shareholders, in part to simplify the publishing, retail and insurance giant. The tax-free distribution will result in a new entity called GC Companies Inc. headed by Chairman Richard A. Smith. Smith is expected to use the theater chain's strong cash flow in making various investments and acquisitions.

GC Cos., which operates the General Cinema movie theaters, has teamed with actor and movie producer Robert Redford to create a chain that will show only independent films. The theaters, to be called Sundance Cinemas, will try to tap into the growing market for such films, which typically aren't produced by major studios. They include 1996's Academy Award-winning "The English Patient," which had $80 million in U.S. ticket sales.

GC Cos., which operates the General Cinema movie theaters, has teamed with actor and movie producer Robert Redford to create a chain that will show only independent films. The theaters, to be called Sundance Cinemas, will try to tap into the growing market for such films, which typically aren't produced by major studios. They include 1996's Academy Award-winning "The English Patient," which had $80 million in U.S. ticket sales.

Harcourt General Inc. said Wednesday that it will spin off its General Cinema Theatre chain--the nation's third-largest in revenue and fourth-largest in screens--to its shareholders, in part to simplify the publishing, retail and insurance giant. The tax-free distribution will result in a new entity called GC Companies Inc. headed by Chairman Richard A. Smith. Smith is expected to use the theater chain's strong cash flow in making various investments and acquisitions.