Columbus-based Carmike Cinemas Inc. said it will spend $31.7 million to acquire additional movie theaters in Florida, Illinois and California.
Carmike said it is buying nine entertainment complexes, which have a combined 147 movie screens, from Fort Lauderdale-based Muvico Entertainment LLC.
The acquisitions put Carmike closer to its goal of having 300 locations and 3,000 screens. After the deal with Muvico closes in the current fourth quarter, the company will have 257 theaters in 37 states, representing 2,681 screens. Carmike is also a major theater operator in metro Atlanta,
“This opportunistic acquisition of nine premium properties in three states will further increase our revenue and operating base and represents another excellent opportunity to expand our platform in attractive, complementary markets,” Carmike President and Chief Executive Officer David Passman said in a statement announcing the deal.
Seven of the nine Muvico theaters are in Florida, where Carmike already has 13 locations. The company also is acquiring its first property in California, in Thousand Oaks, and its 11th in Illinois.
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