Kerasotes sells theaters to Kansas City’s AMC
CHICAGO, IL — Kerasotes Showplace Theatres LLC, have announced that they (with the exception of three theatres) will be bought by AMC Entertainment.
Providence Equity Partners, which became a majority owner of Kerasotes Showplace Theatres in 2003, wanted to cash out of its investment, said Jim DeBruzzi, Kerasotes Showplace’s chief financial officer.
“We put a line in the water,” he said, and AMC appeared as a suitor.
AMC will take over 93 of Kerasotes' 96 movie theaters. Tony and Dean Kerasotes will continue to own and operate the ShowPlace Icon theater that opened in December on Roosevelt Road near Clark Street. The brothers will also retain an Icon theater in Minneapolis and a ShowPlace theater in Secaucus, N.J.
Read more in the Chicago Business Journal.