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Author
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Topic: Marcus Theatres Acquires Douglas Theatres
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Dennis Udovich
Film Handler
Posts: 71
From: Sheboygan, WI, USA
Registered: Dec 2001
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posted 03-26-2008 05:26 PM
Marcus Theatres(R) to Acquire Seven Douglas Theatres Locations in Omaha and Lincoln, Nebraska, with 83 Screens
Wednesday March 26, 5:19 pm ET
Will Increase Marcus Theatres' Total to 678 Screens in Seven States
MILWAUKEE--(BUSINESS WIRE)--Marcus Theatres Corporation, a division of The Marcus Corporation, today announced it has signed an agreement to acquire selected assets of the Douglas Theatre Company theatre circuit based in Lincoln, Neb. for approximately $40.5 million in cash, subject to certain closing adjustments.
Marcus Theatres® will acquire and operate, through a subsidiary, seven Douglas Theatres locations with a total of 83 screens in Omaha and Lincoln, Nebraska. Douglas Theatres will continue to operate the Cinema Center Theatre in Omaha for an undetermined period of time, and will also close, but continue to own the Cinema 9 property in Omaha.
Marcus Theatres has also agreed to purchase, subject to certain conditions, an additional site for the development of a new theatre in LaVista, Nebraska, for approximately $4.4 million, and has an option to purchase another undeveloped site in North Lincoln.
Douglas Theatres is the nation’s 42nd largest theatre circuit, currently operating 100 screens at nine locations in Nebraska. Upon completion of the transaction, Marcus Theatres will operate 678 screens at 56 locations in seven states and remain the seventh largest exhibitor in the U.S.
The transaction is expected to be completed in early April 2008, subject to customary closing conditions, consents and approvals.
"The purchase of the Douglas Theatres locations is a synergistic addition to our circuit. Our two companies share a similar history, are deeply rooted in the values of the Midwest and have the same focus on guest service and quality. Douglas Theatres' high quality facilities and excellent locations are comparable to Marcus Theatres in our current six-state region, making this a great fit for our company. Douglas Theatres has been an excellent theatre operator for over 50 years and we intend to continue enhancing the outstanding movie-going experience for which Douglas is well known," said Stephen H. Marcus, chairman and chief executive officer of The Marcus Corporation.
"A year ago, Marcus Theatres made the largest acquisition in its history with the purchase of 11 theatre locations from Cinema Entertainment Corporation. This investment in Douglas Theatres once again demonstrates our continued confidence in the theatre business and, coupled with the expansion of our hotel portfolio in recent months, reflects The Marcus Corporation's commitment to growing both of our operating divisions," added Gregory S. Marcus, president of The Marcus Corporation. "We anticipate a smooth integration of the Douglas Theatres into our circuit and expect that the acquisition will be accretive to both earnings and cash flow."
"We are pleased that Marcus Theatres will carry on the tradition of excellence established at Douglas Theatre Company. Marcus Theatres will serve our communities with the many resources available to a larger company and will provide the same dedication to our customers and associates that has been a hallmark of Douglas for over 55 years. Marcus Theatres' philosophy is the same as Douglas – providing customers with the best entertainment experience possible," said Russell Brehm, chairman and founder of Douglas Theatres.
Bruce J. Olson, president of Marcus Theatres, said, "Ever since our company entered the theatre business with a small-town theatre in Ripon, Wisconsin in 1935, Marcus Theatres has been a leader in the exhibition industry. Marcus Theatres was among the first circuits to convert the vast majority of its first-run auditoriums to digital sound and stadium seating. Our company has also consistently been at the forefront of innovation in the industry, with our UltraScreen® concept, comfortable high-back seats, online print-at-home ticketing, lobby entertainment on flat-screen monitors, self-service soft drinks and other amenities. We have a tradition of continually upgrading our theatres and adding new features and services that make the movie-going experience better than ever. We look forward to serving the customers of Douglas Theatres in Omaha and Lincoln."
The Douglas theatres being acquired by Marcus Theatres are:
Omaha
• 20 Grand
• Village Pointe
• Twin Creek (Bellevue)
Lincoln
• East Park
• Edgewood
• Grand
• SouthPointe
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