FAMED THEATER SPURS MANN PLAN.Byline: Dave McNary Daily News Staff Writer Cinamerica/Mann Theatres plans to re-create its 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. facade at theaters across the country, as the Encino-based chain tries to stand out in an industry full of cookie-cutter, mega-cineplexes by marketing one of Hollywood's most famous landmarks. Mann, which has owned the 70-year-old Chinese Theatre since 1973, plans to open another Mann's Chinese at the Arapahoe Crossings 16 project in southeast Denver in December. The prototype site, which has 4,000 stadium-style seats, will include a replica Earlier document exchange software from Farallon Communications, Inc. that converted a Windows or Mac document into a proprietary viewing format. The viewer could be distributed separately or embedded within the document itself, turning it into a single-document viewer. of the ornate or·nate adj. 1. Elaborately, heavily, and often excessively ornamented. 2. Flashy, showy, or florid in style or manner; flowery. , 90-foot-high bronze facade, plus searchlights and red carpeting. The chain originally planned to include a variation of the Hollywood landmark's famed cement forecourt, featuring handprints and footprints of local celebrities rather than movie stars. But it's uncertain whether that will be part of Arapahoe Crossings. Mann plans to build other versions of the Chinese Theatre, which draws 2 million tourists annually, at major sites but has not disclosed specific locations. Mann's move into taking its most valued asset worldwide comes at a time when the 400-screen chain is widely expected to be sold. ``In general, we've already been seeing a fair amount of consolidation, which we expect to continue,'' said Stewart Halpern of Furman Selz. ``There's more and more emphasis on increasing scale to get operating efficiencies and greater clout with the studios, and that may even accelerate as people get the sense that if they don't move, the opportunity will be lost.'' The Chinese Theatre, built for more than $2 million by legendary impresario Sid Grauman Sidney Patrick Grauman (March 17, 1879 - March 5, 1950) was an American showman who created one of Southern California's most recognizable and visited landmarks, Grauman's Chinese Theater. in 1927, is Hollywood's clearest remaining link to its Golden Age, when filmgoing was the nation's dominant entertainment. 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 with theaters in California, Alaska, Arizona and Colorado, announced plans earlier this year to redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re the theater and add 14 screens to the existing three. The revamped Hollywood landmark will anchor a $145 million entertainment-retail complex to be developed by designer TrizecHahn. Despite that project, Mann has been a relative laggard amid a booming expansion in the exhibition business. Total U.S. screens have increased 7 percent annually due to the proliferation proliferation /pro·lif·er·a·tion/ (pro-lif?er-a´shun) the reproduction or multiplication of similar forms, especially of cells.prolif´erativeprolif´erous pro·lif·er·a·tion n. of movie palaces with 16 and more auditoriums. Mann's local expansions include a 16-plex at the former General Motors plant in Van Nuys and converting two theaters in Westwood into a massive entertainment complex. The exhibition sector is expected to see widespread consolidation in the coming months, spurred by the recent move 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 Corp.'s Loews Theatres to merge into an operation with 2,600 screens and $700 million in annual box-office revenues. Analysts believe Mann's owners soon will announce a deal to sell the chain at a price tag of about $165 million. The most recent Mann suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) to emerge is an investor group led by former Cinemaworld executive Jeff Lewine, backed by powerful 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 . Other possible buyers mentioned have included the Newport Beach-based Edwards chain and the Act III and Crown circuits. Paramount and Warner have been rumored to be seeking to sell off their Mann stakes for several years, even though such a deal would likely not be significantly profitable for their respective parents, Viacom and Time Warner. Gulf & Western, former owner of Paramount, bought the Mann circuit in 1986 for $220 million in 1986 and sold half of it two years later to Warner Communications for $150 million. Bishop Cheen, an analyst with First Union Capital Markets, said a Mann deal is likely and that similar transactions are coming for other chains such as United Artists and Act III. ``There are lots of other players,'' Cheen said. ``Everyone is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a bigger platform to amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. the costs of expansion.'' Gary Farber, an analyst with NatWest Securities, agreed that consolidation will continue, driven by the attraction of economies of scale for operations and studio relations. He said theaters now have 5.7 screens per facility, on average, ``and that's going to continue to increase.'' Top U.S. movie circuits TEXT: Encino-based Mann is the nation's 16th largest chain with 393 screens at 66 sites at the end of last year Chain Screensx Theatersx 1. Carmike Cinemas 2,575 530 2. United Artists 2,408 411 3. AMC (Advanced Mezzanine Card) See AdvancedTCA. Entertainment 1,956 237 4. Cinemark USA 1,601 186 5. Cineplex Odeon 1,465 311 x As of January 1997 Source: Boxoffice magazine CAPTION(S): Photo, Chart Photo: (Color) Mann's Chinese Theatre's famous facade will be the inspiration for the chain's expansion. Shaun Dyer/Special to the Daily News Chart: (Color) TOP U.S. MOVIE CIRCUITS (See text) |
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