BREAKING NEWS Cablevision To Sell Clearview Cinemas
BETHPAGE, NY — Cablevision has just announced that it will sell its Clearview Cinemas chain in an effort to boost profits. According to a report on CBSNewYork.com, the move will save the struggling company $70 million per year.
There is no official word yet on what will happen to the individual theaters in the circuit or information about any possible suitors. However, it is also possible that the theaters may be sold off, or leases may be broken, on a case-by-case basis, especially given the demand for New York area real estate.
Clearview Cinemas currently operates the legendary Ziegfeld Theatre, the Beekman, the Metro, the old Warner Quad, and many more in New York, Pennsylvania, Connecticut, and New Jersey with a number of old movie houses in its stable.
We’ll keep you posted …