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Topic: Warren Theatres Sold to Regal
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Sam Graham
AKA: "The Evil Sam Graham". Wackiness ensues.
Posts: 1431
From: Waukee, IA
Registered: Dec 2004
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posted 05-19-2017 12:25 PM
Warren's comments...
Wichita Eagle
quote:
Bill Warren confirms Warren Theatres sale to Regal Entertainment
BY CARRIE RENGERS
crengers@wichitaeagle.com
An emotional Bill Warren confirms he’s sold seven of his Warren Theatres, including all of the Wichita ones, to Tennessee-based Regal Entertainment Group.
The deal is effective immediately. Though it was a difficult decision to sell his almost 30-year-old company, Warren, 68, says it was the right one to permit him to do even bigger things.
“There’s a lot more seller’s happiness than seller’s regret.”
On Thursday, The Eagle reported that Regal was likely buying the Wichita-based theater chain.
The sale includes all of Warren’s theaters in Wichita – the east-side, west-side and Old Town Warren Theatres, the Palace Theatre and Movie Machine inside Towne West Square – and his theaters in Moore and Broken Arrow, Okla.
The sale does not include the two new theaters Warren is building in Oklahoma City.
Warren says he hand-picked Regal in large part because of the company’s CEO, Amy Miles.
“If it wasn’t for Amy, I don’t think I ever would have sold,” Warren says.
He calls her sharp, accomplished and “probably one of the most decent, easy-to-talk-to people I’ve ever met in my life.”
Warren says that was important to him because of how much he cares for his customers and employees.
“This is a legacy thing.”
In a statement, Miles said Warren Theatres is a market leader in Wichita and Oklahoma City.
“We are honored and excited to add these high-quality assets to our circuit and expect the transaction to be immediately accretive to our earnings and cash flow.”
Warren’s office will remain in Wichita even though he’s out of the theater business here. He says he’s looking to grow his business elsewhere.
In a wide-ranging interview, Warren discussed what brought him to this point in the theater business and where he’s likely to go.
“I just want to reshape the theater business and reshape what people expect going into a theater,” he says. “That’s my third reincarnation in the movie theater business, and I’m really looking forward to it.”
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Monte L Fullmer
Film God
Posts: 8367
From: Nampa, Idaho, USA
Registered: Nov 2004
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posted 05-19-2017 03:27 PM
I was a Senior Cast Member at my REG location, which is a title pertaining to one that has leadership qualities and represents the other cast members to the MGMT team.
It's a higher paid job, has more responsibilities, gives instruction and oversees operation in the floor.
Nice thing about this is that the person doesn't have to suit up, but stay in cast member uniform.
More or less, this person is like a shift lead, but in a more entire role.
Plus, with the taking over of the Warren, this will give REG a more idea on how to run a food and beverage cinema, if they retain the mgmt team of the floor and the restaurant.
They know the industry is now heading in this direction
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Bobby Henderson
"Ask me about Trajan."
Posts: 10973
From: Lawton, OK, USA
Registered: Apr 2001
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posted 05-20-2017 12:41 AM
quote: Manny Montes
The hate here is pretty funny actually considering people are claiming Warren was "paid" to say nice things. From his interview it sounds like he wanted to exit the space and sell, considering the size and scope of his theaters he really could have only sold to either AMC, Cinemark or Regal
I know Bill Warren is not the age of a spring chicken. But did Bill Warren not have anyone within his family or theater organization who could have taken over the reigns of his theater chain to maintain the vision of what this chain was supposed to be? Why sell out?
A good example is In-N-Out Burger. I know not everyone is a fan of that fast food chain, but I still respect the integrity of this deliberately family-run, privately owned company. The couple who started the chain, Harry and Esther Snyder, are both gone now. Their only grandchild, Lynsi Snyder is the company owner now. There are investors begging and pleading for this company to go public. Lynsi Synder could literally cash in billions of dollars by taking the company public. But that's not what the founders wanted. Last time I checked anyone waiting for an In-N-Out IPO shouldn't hold their breath waiting for it to happen. Obviously the Snyder family doesn't want to do an IPO because they don't want any more "partners." They don't want a board of directors telling them how they need to be running their company. The existing owners already know how to do that.
So, yeah, I can't help but feel like this news with Warren Theaters is a big example of selling out. The movie-going experience is already in deep enough trouble as it is with all the idiocy happening with major Hollywood studios and their never ending quest to eliminate the theatrical release window. Chains like Warren Theaters were an oasis among so many fast food quality theater locations. Warren locations were a reason to appreciate getting out of the house to see a movie, as opposed to watching it on the TV screen at home. I just don't get the same vibe from an AMC or Regal location.
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William Kucharski
Expert Film Handler
Posts: 244
From: Louisville, Colorado, United States of America
Registered: Oct 2012
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posted 05-23-2017 08:20 AM
quote: Bobby Henderson
The movie-going experience is already in deep enough trouble as it is with all the idiocy happening with major Hollywood studios and their never ending quest to eliminate the theatrical release window. Chains like Warren Theaters were an oasis among so many fast food quality theater locations. Warren locations were a reason to appreciate getting out of the house to see a movie, as opposed to watching it on the TV screen at home. I just don't get the same vibe from an AMC or Regal location.
I think between the virtual lock on new releases AMC and Regal have in most markets, the fact that the vast majority of the movie going public no longer gives a #$@! about presentation quality (who cares what the movie looks like on-screen when you're on Facebook or sending/responding to text messages for half the movie) and the expensive retrofits chains are having to do to even get butts in seats (leather full reclining chairs, shakers under the seats, full bars at the concession stands, and adding Atmos/Dolby Cinema houses), I think Warren just saw the writing on the wall.
I really loved seeing The Force Awakens on the IMAX in Moore, OK, but I suspect the future will be the studios making a deal with the major exhibitors and getting the window down to zero by allowing people to stream movies day and date with theater release via the AMC, Cinemark or Regal apps. ![[Frown]](frown.gif)
I will give some kudos to Regal as many of their locations still actually open side masking rather than letterbox the image on a 1.85:1 screen to show 2.35:1 or wider content, and they did host a 70mm run of The Hateful Eight in Denver.
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