BOX OFFICE BUSINESS; WESTSTAR TO PAY $165 MILLION FOR CINEMERICA/MANN CHAIN.Byline: Dave McNary Daily News Staff Writer Encino-based Cinemerica/Mann Theatres, owner of the world-famous Chinese Theatre Chinese theatre has a long and complex history. Today it is often called Chinese opera although this normally refers specifically to the popular form known as Beijing Opera; there have been many other forms of theatre in China. , agreed Monday to be bought for $165 million by an investor group. The deal, expected to close at the end of the year, underscores the sweeping consolidation of the nation's major movie chains in recent months. It gives WestStar Holdings ownership of the nation's 16th-largest exhibitor, with 374 screens at 62 locations, mostly in California and Colorado. Mann, a joint venture between Paramount and Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . studios, had been expected widely to be courted by WestStar, headed by industry veteran Jeffrey Lewine and backed by leveraged-buyout specialist Warburg Pincus Warburg Pincus is a private equity firm with offices in the United States, Europe and Asia. It has been a leading private equity investor since 1971. The firm currently has approximately $14 billion under management, and invests in a range of industries including information and . The deal likely means Mann will join the expansion frenzy that has overtaken the exhibition business in recent years. Lewine said he plans to build large complexes, close smaller locations and look for more acquisitions. ``We'll look at any acquisition that's screaming to be done,'' Lewine said, adding that such deals likely will be for properties in Mann's core markets. Lewine noted that Mann has been trailing chains such as AMC (Advanced Mezzanine Card) See AdvancedTCA. in putting up ``megaplex'' multiscreen theaters. ``The company's customer base and locations are strong and we think it can be run more efficiently,'' he said. ``AMC has reinvented the theater business with the megaplexes and I hope they do dynamite dynamite, explosive made from nitroglycerin and an inert, porous filler such as wood pulp, sawdust, kieselguhr, or some other absorbent material. The proportions vary in different kinds of dynamite; often ammonium nitrate or sodium nitrate is added. business because the better they do, the better we all do.'' Analyst Gary Farber of NatWest Securities said the deal made sense for Paramount and Warner since Mann isn't large enough to compete with the larger chains. ``Economies of scale are what's driving these deals,'' he said. The Mann transaction follows September's agreement by Cineplex Odeon O`de´on n. 1. A kind of theater in ancient Greece, smaller than the dramatic theater and roofed over, in which poets and musicians submitted their works to the approval of the public, and contended for prizes; - hence, in modern usage, the and Sony to merge their 2,600 screens, Kohlberg Kravis Roberts' buyout of the Act III chain, and Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. Muse Tate & Furst's purchase of the United Artists chain. Mann, which also operates most of the major theaters in Westwood, has owned the 70-year-old Chinese since 1973. Gulf & Western, the former parent of Paramount, bought the Mann circuit in 1986 for $220 million and sold half of it two years later to Warner Communications for $150 million. NEIGHBORHOOD THEATERS Here are the Mann locations in the area: Hollywood 6925 Hollywood Blvd. Westlake Village 180 S. Westlake Blvd. Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. 255 N. Moorpark Road Agoura Hills 29045 Agoura Road Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. 3050 Cochran St. Granada Hills 1683 Devonshire St. Encino 18632 Ventura Blvd. Valencia 23415 Cinema Drive Glendale 128 N. Maryland Ave. CAPTION(S): Box BOX: NEIGHBORHOOD THEATERS (see text) |
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