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KANSAS CITY, Mo.–(BUSINESS WIRE)–AMC Entertainment Inc. (“AMC”), and Kerasotes Showplace Theatres, LLC (“Kerasotes”), two leading theatrical exhibition and entertainment companies in the U.S., announced today that they 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, MN and Chicago, IL; and one Showplace theatre in Secaucus, NJ. 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,” said Gerry Lopez, AMC CEO and president.
Tony Kerasotes, Chief Executive Officer, said. “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.
Editor-in-Chief Nikki Finke - tip her here.
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Just another large corporation consolidation which will result in more people becoming unemployed.
I agree that this will result in a loss of jobs and a loss of quality. I believe that Kerasotes has made the movie going experience the best it can be and AMC will change that. What of the 5 Buck club and the 5 dollar movies on the Friday, Saturday and Sunday before noon?
A lot of us Midwesterners can not afford the AMC price tag on going to the movies. Thier ticket prices are too high and so is thier concession prices. They do not even pop thier own popcorn on site.
They give no incentive for me or my friends to even go to the theatre. We here in the Midwest are every day people trying to get through this economic crisis. Kerasotes always made it a little easier to be able to pay a lower price so we could enjoy a movie and take our minds off our troubles.
Can AMC say the same thing? I do not think so! If things at the Kerasotes change , then I will no longer go to that theatre and I have many who agree with me.
Sorry AMC, but you just don’t have any of our interests at heart.
Rose Owens
Southern Indiana
Here is a questions: Does any corporation have your best interests at heart. Probably not, although they may tell you they do. Corporations are concerned with one this, profit.
In the last 10 years since the local Kerasotes opened, ticket prices rose 260 percent. Although, I know they need to be able to afford new screens, projectors for newer movies I just cant justify 10 dollars per ticket. Figure in a small drink and popcorn and your movie for 2 is now 30+ dollars.
Kerasotes lost my business long ago. I wanted to bring in a coffee into the theatre with me, they told me I could not (like telling me this would force me to buy their sodas). I decided I would drive the 25 minutes to AMC and watch the show for the same price in a nicer theater that allowed me to bring my coffee in.
However, I dont think the 5 dollar movies will go away, nor the before noon special. As many of the people who go to these shows are trying to save some money and its good for the company. Its incremental revenue. If they rose the price, or did away with them those consumers would not consume – overall thats bad for their margins, and they still have overhead that needs to be paid.
The sale of kerasotes is overall a reduction in your power as a consumer and a win for big business. Not that the DOJ would say no to the purposed merger.
Working for AMC in the past, I can tell you that all AMC locations do pop their own popcorn throughout the day. There are no exceptions there.
Also, AMC has the AM Cinema program which is $5-$6 movies on Fridays-Sunday before noon.
While all chains have some locations that are not the greatest by any means, AMC has high standards. The pricing is always very comparable to Regal and Cinemark, the other two big chains.
First of all AMC does have the $5 movies before noon on the weekends as well, and I don’t know which AMC you go to but all the ones I know of pop their popcorn fresh everyday. Also with the caramel corn that as a rule is popped in the theatre instead of buying it from somewhere else like Kerasotes does. There is no 5 buck club but they have the MovieWatcher program that gives you coupons for free popcorn, drinks, etc. Ticket prices are the same at AMC as they would be at any other theatre around that area too. AMC strives for excellence and doesn’t settle for anything less either, and if you have not gone to an AMC in a while then where can you get your credibility saying AMC will not be able to take your mind off everyday life? When striving for excellence AMC does have your best interests at heart as well.
You are an idiot. Before you bash AMC, look into their prices and how much they take care of the custmers coming in. First off, AMC does offer $5.00 movies on all shows before noon. Secondly, ticket prices and concession items are about the same, and if you thought about it, the concession prices might be a little higher at AMC because they do a better job of keeping up to date and keeping their business running smoothly. Do you not understand that movie theatres get only around 5% of the film revenue coming in? The concession stand is where they keep the business going so you can have a place to watch the movie. Obviously AMC runs their theatres better than Kerasotes can because AMC is buying them. Thirdly, if you had ever been to an AMC, they do pop their own popcorn, right in front of your face for everyone to see, DERRRR. 5 buck club is a stupid business practice because all you cheap asses wait until the movie has been out long enough to pay the cheapest price, smart on your part, stupid on the company because the first two weeks is when you want the biggest revenue coming in at the highest prices possible. I think you forget, this is a BUSINESS. AMC however offers the moviewatcher program where you get coupons everytime you come in, they offer the concession saver of pay $4 dollars get a credit of $5 at the concession stand. AMC also has Sensory Friendly films for autistic children once a month, where the lights stay on and the sound is up and they are encouraged to have a good time and be loud. You say AMC doesn’t care about the people, this would argue that they do indeed care about their people. You’re probably old enough to think that movies should still be 50 cents but times have changed, sorry you haven’t.
Where are you getting your information from. AMC pops all popcorn onsite, fresh, daily. Additionally they have whats called A.M.Cinema in which any feature before noon is $6, 7 days a week. The price varies by market so it may be even less in your area. Don’t blame AMC for the fact that Kerasotes couldn’t stay afloat without the help of a major chain
What will happen to the five buck club?
The Five Buck Club will probably go away after the deal closes. another example of less competition being bad for the consumer. In Chicago, AMC’s ticket and concession prices are already higher than those of Kerasotes.
I actually work at Kerasotes and I’ve gotten so many complaints about this. People are not happy. No more free refills on items, The five buck club, The lower prices in the moring are more than likely going to be gone. I feel bad for some people but I guess it’s life and we’ll all move on. Hope I don’t end up losing my job!
Please AMC…. Don’t Change ANYTHING about KERASOTES! The 5 BUCK club…. The BEST POPCORN and free refills!
I agree with all of it. Our AMC does does pop their own Popcorn. however its gross. I have a AMC right down the street but drive the extra 15 min for a better movie theater. AMC doesn’t have many late movies. I don’t think that alot can change other then prices and the 5 buck club which would be horrible. The would have to pop the corn there. they already have the poppers up front. I just hate AMC.
I grew up in Indiana and absolutely LOVED Kerasotes with its free popcorn and drink refills and the 5buck club. AMC really IS overprised and offers free refills on large drink/large popcorn only. I moved to Texas about three years ago and was really disappointed to learn that Kerasotes was only in the Midwest. Now I’m even more disappointed to learn that AMC is buying Kerasotes.
Hey idiots, do your AMC research. On the weekends AMC has something called AM Cinema – $6.00 tickets before noon. Same as your Kerasotes deal. Also the popcorn is popped fresh, you have no idea what your talking about. AMC can only make Kerasotes BETTER.
Actually it is not the same being $6 kerasotes at some theatres it is $5.50 for movies before 6pm and then $5.50 for students and seniors after that, so there is a difference there. By the way how much does AMC charge on average?
Actually idiot, it’s not the same. Kerasotes has the 5 buck club which oddly enough is $5.00 not $6.00. and the $5.00 is not restricted to shows on weekends before noon.
and show a little respect, no need to insult people!
It seems that a company only has a future when owned by the founding family or owners that respect the company’s heritage. Unfortunately, Kerasotes got the kiss of death along with Loews Cineplex because they wwere taken over by investment companies whose only goal is to fatten the cow and then sell to the AMC slaghterhouse! AMC will destroy kerasotes. Im a Loews Cineplex fan, and can tell you that AMC lied to the public to aquire LOEWS. AMC announced to the world it was a merger. ” A combination of the two largest historical names in entertainment. “AMC LOEWS” They lied, it was an aquisition. A hostile takeover arranged by Carlyle group investors. All brand new Loews Cineplexes under construction in NJ such as Loews Garden State 16, Loews Rockaway 16, and Loews Aviation 12 had their new “LOEWS THEATRES” signage demolished and replaced with ugly AMC noodle lettering and rewired electronically into AMC’s Movietickets.com system (it was too late to erase the pretty loews murals and searchlight logos that decorate these properties.)on their opening weeks. All older Loews locations were allowed to keep their names ONLY because they operate with Fandango.com. as well as old leases that AMC will not renew. AMC purchased Loews in order to close it down one expired lease at a time! AMC has stripped all LOEWS THEATRES of all their special effect lasers and holographic lobby lights.Walking into Loews now feels like walking into a doctors office,or school!! No shock and awe! Why should AMC allow loews to impress moviegoers with a lobby lightshow when AMC now owns 95% of all nj multiplexes!! REGAL has one multiplex in south brunswick, and the Kerasotes in Secaucus will remain independent.Clearview is mostly run down township moviehoses with one to 5 screens. Ive never seen a Clearview 16 plex. When Loews’s fandango contract expires in 2011, AMC will move to wipe the Loews name off the face of the earth. I hate AMC for what they did to Loews Cineplex. They will destroy Kerasotes heritage and rename them into AMC immediately to avoid confusion with the 3 kerasotes theatres that will stay outside AMC. I wish REGAL had taken in LOEWS, you would still see new “REGAL LOEWS CINEPLEX” locations. REGAL respects the heritage of their theatres. AMC destroys and erases history. GO to AMC theaters website and look for LOEWS,General Cinema or Kerasotes…those names are TABOO! AMC pretends they dont exist. I hope AMC falls on hard times, gets taken over by an investor group and sold over to Regal. Only this time REGAL should break their own tradition of name preservation just once to ERASE AMC’s name for a change. An eye for an eye!!!!
I take exception to the comment that “REGAL respects heritage.” As a manager of a REGAL acquisition from a small family-owned business, I will tell you that REGAL’s first moves were to knock out any references to previous customer services. Concession products were reduced in size and quality. Prices were raised twice in their first year of operation while the building has been allowed to deteriorate in appearance, and the architectural originality has been destroyed. The staff size has been reduced by fifty percent and all family-friendly services removed.
While these comments can be taken as bitterness from a former employee I must admit I was allowed to retain my position for two years as part of the business contract before being “down-sized.” As a graduate of “Regal University” I am very familiar with the way they do business. That’s why they call it show BUSINESS.
Yes, things at Kerasote Theatres will change. Hopefully for the better. I mean I know the free refills will be gone, but AMC has free refill on the Large Drink and Large Popcorn. AMC also has the AM Cinema $6.00 tickets for the shows before noon on the Weekend, they also have Senior Citizen days, and Student Days. Yes, I hope they keep up with the $5 buck club, but who know what they will do. But the do have a kid meal and I say meal with a drink, popcorn and candy. Kerasotes can’t say that they have a “Kid Add-on” you have to Add it to a bigger combo so you can’t even purchase it by itself. AMC also has their $5 for $4 for the concession so you can save money there. They also have this Movie Watcher Rewards card. You just earn so many points off of every ticket you purchase and then you get free stuff, popcorn, drinks, or even your next purchase of movie tickets. This I tell to everyone try not to be so negative this maybe a rough road ahead but in the end everything has a way of working out.
I worked as a concession worker and cleaned theaters at a Showplace. I must say, they were very big on penny-pinching. Sure, you get free refills on stuff, but the movie experience was ok. When I started going to Rave Motion Pictures, I realized how outdated Kerasotes is. Rave is top of the line digital sound, HD digital picture, 2ft+ of legroom, and prices are really not any different than Kerasotes or AMC for that matter. We travel 30+ miles to see movies at Rave rather than AMC or Kerasotes. However, AMC has started converting its theaters to be digital HD picture. Kerasotes only does that on the IMAX stuff. They’d have to invest a lot of money to convert their theaters to the new technology. That was money that they were NOT willing to spend. AMC on the otherhand, seems to understand then need to stay with technology. With larger customer base, and more capital at their disposal, I imagine they’ll start converting the Kerasotes theaters over as well as their own.
Regarding concessions prices, remember this: 95% of each theater’s revenue comes form concessions. They get barely any of the money from ticket sales. That mostly goes to the company who released the film. If prices are higher, that’s because they’ve got to keep money going into the business. AMC might charge more because they want to keep their theaters in better shape, who knows. Although there is a theater that friends of ours go to where they get coupons in email for $4 soda and popcorn, and the ticket prices are about the same. I don’t know how they manage to do that, but it’s a nice change of pace. We smuggle in our own food anyway.
Woah Woah Woah Woah. Please folks, read up on AMC Entertainment before you slander their name. I work as a Supervisor at an AMC in Burbank, CA, and I absolutely love my job more than anything. Let me tell you everything AMC has to offer:
1) AMCinema- all regular shows before noon EVERY day of the week. At least at the theatre I work at it’s every day.
2) MovieWatcher Program- swipe your card for two points each ticket and you get a reward every 10 points. Also, free popcorn for MovieWatchers every Wednesday.
3) AMC is undergoing all-digital construction. All theatres will have digital projectors, showing crystal-clear imaging. No more hairs, dust, bad splices, or brain-wraps.
4) Sign up for emails and you get free large drink cupons on your birthday, and other offers(such as free large popcorn with drink purchase, $1 pretzels, candy, ect.)
5) Costco and other companies offer the AMC Silver and AMC Gold Experience passes. In Southern California AMC Silver passes are $6.00 each and AMC Gold passes run between $7.50 and $8.00.
If you use all these outlets, you never have to pay much above other theatres that have dwindling facilities and outdated screens. The reason Kerasotes probably went for this deal is because they are aware that they are in a position they can’t possibly revive from with their current resources. This is obviously hard on all who work there, own the theatres, and their loyal guests.
Feeling awful for the company shows them they were doing everything in their power to do the movie business right, but blaming and slandering AMC for taking over where they’re leaving off is hardly necessary. Buying out anyone is risky, but if you had an opportunity to work on another chain of whatever chain you might own, you’d probably do the same thing.
And as a side note, AMC still accepts passes and cupons for all Lowe’s Cineplex and GeneralCinema theatres in California. I can’t speak for all states, but no pass ever expires at AMCs in California.
Also, if you check out AMC’s website, they also offer $6 movies for seniors all day on Tuesdays and student pricing on Thursdays.
They also have AMC Select, where they show independent films; Sensory Friendly films for persons with Autism, and the AMC Summer Movie Camp, where AMC shows all the hit children’s movies from the previous year for $1, benefiting charity.
Having lived in an area with AMC theaters and then moving to southern Indiana (where I only have Kerasotes), I can tell you that Kerasotes has provided a movie-going experience every bit as good as AMC, if not better, and they’re significantly less expensive.
Kerasotes gives free refills on ALL sizes of popcorn and soda, and the Five Buck Club is awesome. After a movie has been out a couple of weeks, you can see it anytime for $5. This in contrast to the AMC program, where you can see the movie opening day for $5, but ONLY if you’re willing to go before noon. I live in a college town – who the hell wants to get up at the crack of dawn to go to the movies?!? It’s ridiculous.
I am very sad that Kerasotes is going away. They will definitely be missed.
Here in california amc sent out a survey through kerasotes. it was about the 5 buck club and prices etc…. If they get rid of the 5 buck club i will just wait to the movies are in the old theatre on this side of town even thought the movie equipment is like 15 years out of date and the popcorn sucks but the tickets are $3 and the concessions are cheap too.
I beginning to think all the good comments about AMC are company minions. I have been to 23 Kerasotes theatres and 15 AMC threatres there isno way they compare. Yes you can pop popcorn on site and bag it. But Kerasotes pops it right in front of you. Yes you can have 6 dollar movies before noon. Kerasotes is 5.50 until 5 or 6. Yes you can have discounts for going to how much you go. Kerasotes does matter you have your card and go when and where you want. I really can’t say Ive been to an AMC theatre that didn’t make me feel like a cattle car. Really sorry to here the family can’t stay in the business at large but some people will get the benefit at the theatres they do keep.
here in fla we have movie co. we have cinimark and we have united artists and regal and amc theatres.ive been to all of them and what i found was that not only does amc pop thier own popcorn on the spot but they actually throw away much of it as they wont give it to you if its not fresh.also the rest rooms are so clean and well maintained its a pleasure to use thier facilities. not so at many other theatres.also regarding rest rooms all of amc employees check the restrooms every fifteen minuits to ensure cleanliness.no other theatre does that.only amc cares about cleanliness like that.also amc uses a germicide type fogger that eliminates any germs or bacteria that could build up in the theatre chairs.think about it folks many others sit in the same seats as you.arent you glad amc cares enough to ensure you sit in a clean deodorised seat each and every time.what other theatre does that? none i suppose but amc does.also no other theatre actually gaurantees you,ll love your movie experience like amc does.baby crying no problem get a pass to see it again or notify an employee right away and crying babies are removed from the theatre untill they stop.someone kicking your seat? tell an employee ans walla free movie or person removed just like that no exceptions.what other theatre does that for you? none i suppose but amc does as part of thier love it guarrantee.also very soon all amc theatres will be totally digital in sight and sound for an awsome viewing and sound experience.so now you can see there is a difference in theatres and amc is the absolute leader in cleanliness and technolegy.i go to amc theatres exclusively because i believe they really do care about me as a movie goer and that i,ll love my experience there.
The irony in some of these comments supporting Kerasotes is that they are keeping 3 of their 96 theatres. These 3 are some of their more “premiere,” newer megaplexes that fall in line with what many of the AMC’s throughout the country are. Kerasotes is a company that desperately wants to be like AMC but can’t do it with all of the older, rundown facilities like the ones they own. This is business folks.
It seems like everyone is SO concerned with losing their 5 Buck Club but there are plenty of ways to save that money through AMC. And obviously, it wasn’t that successful or else they wouldn’t feel the need to sell. The only ones their not selling are the 3 that don’t necessarily need a 5 Buck Club fanbase.
And just to clear up another point, AMC offers in many markets a Weekday Escape Program. This is prevelant in many Midwestern areas and smaller markets where ticket prices are between $5-$6 all day Mon-Thur, morning, afternoon and night, for any movie. This is currently in place in the Minneapolis Market, of which Kerasotes has quite a few theatres. I wouldn’t be surprised to see this expanded into other price-conscious markets throughout the Kerasotes circuit.
First segment very true! I would not be surprised if the sale was intended as a means for raising funds to start an entire ICON chain. The destruction of everything is the beginning of something new.
http://www.gqti.com/
Check out this theatre, fellow Hoosiers! It’s Goodrich Quality Theatres! My personal favorite is the Portage Imax! Great new theatre, with their card you get movies for 5.50, free drink refill stations (2 of them) strategically placed, so you don’t even have to go to the counter for a refill, nice arcade game, etc.
I can see a lot of points on both sides and I don’t know if I have a final decision either way. Though, generally I’d prefer to have more choices than not enough. You really can’t argue that having less competition is better for the consumer.
And seriously? How many people really go to a move before noon? That one is a bit of a stretch.
i really hate AMC and there crazy prices. im in chicago and the ticket prices in AMC is already crazy. i love kerasotes and their 5 buck club. dont care about the concession stand because we eat out before we watch a movie. im really disappointed about this. the only time we go out and watch a movie is through 5 buck club. oh well, guess i have to download the movies now…. dont wanna pay $12 per ticket..
who watches movies before noon??? the 5 buck club is the best. you can watch movies anytime. BOO AMC, BOO!!!!!!!!!!!!!
I’ll miss the free Any Size Refills. AND the Starbucks Latte’s I get every time I go to see a movie!!! I hope AMC keeps the espresso machines
Having just signed documentation stating that I would not post anything in a public forum regarding the KST to AMC transition (I was a KST manager and now an AMC), I post in polite consideration of both companies.
All of you yapping ticket price comparisons is d*ld*s. Keep in mind that you all likely live in different cities, markets, and demographic rarities. Comparing ticket prices in Los Angeles to your midwestern town is about as productive as arguing with a 90 year old veteran about the price of gas. It was as different “then” as it is “now”, just as it is different “there” as it is “here.”
As for the loss of the 5 Buck Club at former KST locations, that is actually not the fault of either company. KST owns the rights to the 5 Buck Club, and they have retained it for their 3 remaining and maybe even future locations. Who could blame them? The five buck club was (and still is) one of the most successful programs ever created for boosting my theatre’s attendance.
In lieu of this, my location and most of teh former KSTs will offer $5 movies ANY SHOW ANY TIME Mon-Thu, and any show before 12p on Fri-Sun. I’m actually a little scared that my theatre is going to start getting KILLED on the weekdays- and I live in a pretty upscale town.
You can believe my words or choose not to, I don’t care. I’m just glad I can stop listening to illiterate people come in complaining that “I KNOW I saw that movie on the 5 Buck Club email!” No you didn’t. You just suck at life and can’t thoroughly read an entire email to make sure you are pulling the right bits of info from it. It’s called an eligible date range you moth…wait a sec, this isn’t informative anymore
Best of luck to all former Kerasotes home office & service personnel. You all rock and still do- never let anyone tell you different! PEACE!
you guys are all idoits . Kerasotes is a great company . i think amc is going to change that . kerasotes could have stayed afloat if it wasnt for the fucking economy ..i have worked for kerasotes for 10 years the amc buy out sucks . but hey what can i say things sometimes go that way ..wtf is this about you guys saying (kerasotes buys their popcorn somewhere else…?)( no ) they buy (seeds) in bags 50 lb bags to be exact and pop it fresh everyday . every set befor the movie starts … i dont know what the hell you guys are smokin thinkin that they buy the popcorn somwhere and move it to the location . first and formost that is a STUPID idea second ITS A HEALTH HAZARD .do you guys even read what you are typing …IF YOU DONT KNOW THE FACTS ……PLEASE SHUT THE FUCK UP
NETFLICKS HAS MY BUSINESS NOW