Carmike Buys Sundance Cinemas

Carmike Cinemas will acquire Sundance Cinemas for $36 million in cash, the country’s fourth largest theater announced Tuesday.

The deal adds 37 screens and five theaters to Carmike’s network, including locations in San Francisco, West Hollywood, Houston, Seattle and Madison, Wis. The chain is owned by actor Robert Redford’s Sundance Group.

After the transaction is complete, Carmike will operate 274 theaters with 2,909 screens in 41 states. In June, Sundance Cinemas tapped Salem Partners LLC, a Los Angeles-based investment bank, to find a buyer.

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Source: Variety

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