Pacific Theatres sells majority of theatres

posted by Vito on February 20, 2008 at 8:00 am

During a visit to my old home here in Hawaii I came across the news that Pacific theatres has sold its theatre holdings, outside the L.A. area. The theatres in Hawaii and California contain 181 screens with annual revenue of approximately $81 million.

In a filing with the Securities and Exchange Commission yesterday, Reading International Inc., which largely operates cinemas in Australia and New Zealand, said the price for the Consolidated theaters was reduced from $72 million.

I wonder if any of our friends in California might comment on any news they have concerning this sale and how it might affect the theatres there.

Unfortunately, there is not much to report from here in Hawaii since all the great theatres are gone.

Pacific Theatres is selling its Rohnert Park movie multiplex to a Southern California film exhibitor, part of a $69.3 million deal for 15 of its 29 theaters in California and Hawaii.

“As is company policy, we cannot comment on any deal until it is finalized,” said Suzanne Goldstyn, a spokeswoman for Los Angeles-based Pacific Theatres.

The theater and real estate development company announced plans last year to sell its cinema properties outside the greater Los Angeles area.

Read the full story at the Press Democrat.