Exhibition continues to take new turns in the U.S. as Carmike Cinemas has acquired Sundance Cinemas in a reported $36 million deal. The acquisition adds five theaters to Carmike’s total theater count, including locations such as West Hollywood, Houston, San Francisco, Seattle and Madison, Wisconsin.
When all is complete, Carmike will have 274 theaters in 71 states. In June, Sundance Cinemas hired the Los Angeles investment bank Salem Partners LLC to find a buyer for the theaters.
In an official statement, Carmike’s President and CEO David Passman said, “We expect that this acquisition will allow Carmike to capture proportionally higher attendance rates for non-blockbuster titles and provide additional luxury expansion opportunities and meaningful cost synergies as we increase scale to optimize film exhibition and other support costs.”
Carmike has additionally said that the deal will add up to $24 million in incremental revenue.