AMC to Acquire Most Kerasotes Theatres

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Wed, 01/27/2010 - 19:00 -- Nick Dager

AMC Entertainment and Kerasotes Showplace Theatres have entered into a definitive agreement pursuant to which AMC will acquire substantially all of the assets of Kerasotes. Kerasotes owns 96 theatres and 973 screens in mid-sized suburban and metropolitan markets primarily in the Midwest. More than three quarters of the Kerasotes theatres feature stadium seating and almost 90 percent have been newly built since 1994. Following the consummation of the proposed transaction Tony and Dean Kerasotes will retain and operate their two new ICON concept theatres in Minneapolis Minnesota and Chicago Illinois; and one Showplace theatre in Secaucus New Jersey. Kerasotes is currently owned by the Kerasotes family and Providence Equity Partners. Combining Kerasotes' highly regarded assets and operations with our own is a natural way for us to continue re-defining the future of our industry says Gerry Lopez AMC CEO and president. With almost 200 years in the exhibition business between us our collective experiences and our complementary geographic footprints will allow us to maintain the reputation for excellence and leadership that is part of each company's culture. Our team has delivered a consistent high quality experience for customers and we have appreciated Providence's partnership over the last six years in helping Kerasotes grow into the sixth largest motion picture exhibition company in North America says Tony Kerasotes chief executive officer. We expect these theatres will be a strong addition to the AMC theatre circuit and look forward to successfully completing the transaction with AMC and to beginning our next chapter. Completion of the acquisition is subject to the satisfaction of customary closing conditions for transactions of this type including Department of Justice antitrust approval. AMC Entertainment Kerasotes Theatres and