Well that didn’t take long. After founding the company only four years ago, Digiplex founder Bud Mayo has sold the company to the nation’s #4 exhibitor, Carmike Cinemas. The agreeement is a stock-for-stock transaction in which Carmike will acquire 100% of Digiplex’s 7.93 million shares outstanding.
Since its founding in 2010, Digiplex has been a pioneer in alternative content/ event cinema and also has a 50% stake in the DigiNext distribution platform. The chain has 21 locations and 206 screens and in addition has agreements to acquire another 5 theatres and 53 screens. The transaction is expected to close during the third quarter of 2014 and will increase Carmike’s footprint to 280 theatres and 2,936 theatres. The deal was especially enticing to Carmike in that Digiplex’s screens are in states (Arizona, Connecticut, Maryland and New Hampshire) where the #4 chain has no presence.