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The price includes cash and assumed liabilities and will give the Texas-based exhibition chain an additional 32 theaters with 483 screens in 12 states All of the screens have digital projectors, and 37% are 3D capable. The group also includes seven IMAX screens and nine premium large format auditoriums. “The acquisition of these high quality assets will further enhance Cinemark’s diversified domestic footprint, including the expansion of our presence in the New England market,” Cinemark CEO Tim Warner says. Over the last 12 months the theaters Cinemark is buying sold 18.8M tickets and generated $228.9M in revenues with $41.7M in cash flow. The companies need to run the deal past antitrust officials before it closes. Akin Gump Strauss Hauer & Feld provided legal advice to Cinemark while AGM Partners and Kirkland & Ellis helped Rave.
Cinemark To Pay $240M For Rave Cinemas
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I hope this doesn’t do away with $7 Tuesdays!
I must agree with Dr. Know. I would watch to know how this will do with the matinee price. The movie cost is now between $12.00-$14.00 per person. It is no wonder that some people are decide to wait until the DVD come out to see a movie.
There are some people that do indeed wait for DVD before seeing a motion picture. What they miss is seeing that motion picture the way it was intended to be seen. The big screen with a dynamic sound system, comfortable seats and a crowd to interact with. In my humble opinion this is the only way that I see a movie for the 1st time. If I enjoyed the film then I’ll rent and most of the time buy the movie for my in home library.
As far as admisiion cost goes I have no complaint for that. A lot of people go to amusement parks consistently and pay in excess of $50.00 per person to stand in line for sometimes hours to ride a 60 second ride in weather that sometimes is absolutely horrible. Where is the sense of that?
Movie theatres share a large percentage of the box office price with the film companies that produce the film. If I was going to complain about anything I’d complain about the prices of concessions. Of course even then theatres have nothing over amusement park prices.
Prices are driving people away whether or not it is big screen they are trying to get the prices up to 15. with the 3d which is all right, and the alt. content boxing, Operas, and live concerts. Concerning the 3d we hear from numerous customers it bothers their eyes, headaches, and other problems.
as far as concession; due to the lack of past attendances they need to generate income to pay for overhead Elec. heat, and a lot of theaters are still paying for the updated buildings.
so a family of 4 goes to a 3d movie tickets 15×4=60.00 and soda and popcorn close to a 100.00 dollar night
so they wait for the DVD cant say i blame them
i have been in the business for over 35 yrs and watched the film industry put a few new movies out a season to pumping films out like water and the content has some real problems.
not to mention the pirate issue.
the industry has some major problems, would i love to watch a film as it was meant to be, yes, could i afford to see each and every film on the big screen, no.
IF prices were lower on tickets and concessions well we would go back to the law of supply and demand you wold have more volume and more income they are pricing themselves out of business on the backs of lost employes and lost costumer service..
I miss the old days, when they had real movie sets instead of all the green screen stuff. I Know enough said, have a good day..
I know, we have $5 Tuesdays in NJ!
I read Rave Cinemas, and instantly, the image of a theater full of people high on Ecstasy and dancing with glow sticks came to mind. What a horrible way to try and watch a movie that would be.
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@pennywise – You should see their bathrooms, BRIGHT ORANGE! I have a theater here in Brentwood – gorgeous projection, and incredible sound. Rave puts out an incredible experience, hope Cinemark doesn’t cheapen in . . .
In the meantime, Rave is shutting down our beautiful huge downtown cinema in Kalamazoo MI, after being built and integrated only six years ago. To mostly sweeten the deal and gain a nice payout for the C-level beneficiaries at Rave Cinema.