Rave buying 35 theaters from National Amusements
DALLAS, TX – Thirty-five theaters currently operated by Sumner Redstone’s heavily indebted National Amusements will be acquired by Rave Motion Pictures, Inc. While the theaters involved in the deal have not yet been announced, they are believed to be all located out of National’s main markets of New York and New England.
Media mogul Sumner Redstone’s family movie theater chain National Amusements Inc. has reached an agreement to sell 35 theaters to Dallas-based exhibitor Rave Motion Pictures, people close to the matter confirmed.
Details of the deal, which is believed to include Los Angeles' Bridge: Cinema de Lux multiplex, are still being worked out, but the transaction is expected to be finalized in the next two weeks.
Redstone would probably use the proceeds from the sale to retire a portion of National’s debt, which was an onerous $1.46 billion until he announced plans in mid-October to sell nearly $1 billion in stock in the two media companies he controls, Viacom Inc. and CBS Corp.
Read more in the L.A. Times.