AMC Theatres announced it has acquired Carmike Cinemas for around $1.1 billion, including the assumption of Carmike debt. The deal makes it the biggest movie theater chain in the United States and the world.
AMC Theatres, owned by China’s Dalian Wanda, now operates 900 venues with over 10, 000 screens globally.
This figure includes 661 theaters with over 8, 200 screens in the United States together with 244 theaters and 2, 200 screens in Europe.
AMC CEO and president Adam Aron said, “AMC now has a larger audience and a bigger stage to introduce our industry-leading innovations. These include plush power-recliner seats, enhanced food and beverage choices and premium large format screens.
AMC Theatres Growth
“We also have expanded AMC’s footprint across greater geography and more diverse demographics. We now serve most of the largest cities in the U.S. and Europe, along with hundreds of home towns, where guests can have an amazing AMC experience. In the United States, AMC now will enjoy increased benefit from movies that play better on Main Street and movies that play better in major metros, and, of course, from movies that play well in both.”
The U.S. Department of Justice has approved the deal with certain conditions. AMC is obliged to sell theaters in 15 markets in nine states where it competes with Carmike. It must also divest most of its holdings in in-theater advertising firm National CineMedia.
This deal follows the earlier acquistions of European cinema leader Odeon & UCI Cinemas Group.