Morning Agenda: AMC to Buy Carmike Cinemas in $1.1 Billion Deal
ByAMC TO BUY CARMIKE CINEMAS IN $1.1 BILLION DEAL| AMC Entertainment would create the largest movie theater chain in the United States with its purchase of Carmike Cinemas, Michael J. de la Merced and Michael Cieply write in DealBook. AMC, whose controlling investor is Wang Jianlin of China’s Dalian Wanda Group, said Thursday that it will pay $737 million in cash, or $30 a share, up 19 percent from Carmike’s closing price on Thursday. Including the assumption of Carmike’s debt, the transaction is valued at about $1.1 billion, which is the biggest deal by AMC since it returned to the public markets in a 2013 stock sale, Mr. de la Merced and Mr. Cieply report.
Together, AMC and Carmike will have over 600 theaters and 8,380 screens. Currently, the country’s largest movie theater chain is the Regal Entertainment Group, which operated 7,361 screens and 572 theaters as of the end of 2015. AMC is second, with 5,426 screens, and has a strong presence in large cities like New York. Carmike has most of its 2,954 screens in midsize cities…
Morning Agenda: AMC to Buy Carmike Cinemas in $1.1 Billion Deal
