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Cinemark buys Rave CinemasMay 30, 2013
Photo by Jon P. Uzzel of Cinemark in Plano
A. Lee Graham
Cinemark Holdings Inc. of Plano has completed its acquisition of Dallas-based Rave Cinemas LLC, whose properties include theaters in Fort Worth and Hurst.
The $240 million deal brings Cinemark 32 movie houses totaling 483 screens in 12 states. Based on a Department of Justice final judgment, Cinemark is required to divest three theaters. With the addition of the Rave properties, Cinemark’s diversified domestic footprint expands into 40 states and an additional seven designated market areas, including the New England market.
“The Rave theaters are well positioned in their markets and include multiple patron amenities, including expanded food service offerings and premium large format screens,” said Cinemark CEO Tim Warner, commenting in a news release.
“With this addition, we will extend our presence into new markets and increase our industry leading XD premium large format brand to 129 screens worldwide,” Warner said.
Cinemark Holdings Inc. operates 467 theaters with 5,259 screens in 39 U.S. states, Brazil, Mexico, Argentina, and 10 other Latin American countries. More information is available at http://investors.cinemark.com.