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Author Topic: Century Looking To Sell?
Matt Barth
Film Handler

Posts: 46
From: Albuquerque, NM 87109
Registered: Oct 2005


 - posted 11-17-2005 11:40 AM      Profile for Matt Barth   Email Matt Barth   Send New Private Message       Edit/Delete Post 
So I ran into a couple of old associates of mine from Century. The scuttlebutt they're getting is that the Syufys are trying to sell off Century Theaters, anyone else hear this? Could be interesting!

---Matt

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Brad Miller
Administrator

Posts: 17662
From: Plano, TX (36.2 miles NW of Rockwall)
Registered: May 99


 - posted 11-17-2005 02:47 PM      Profile for Brad Miller   Author's Homepage   Email Brad Miller       Edit/Delete Post 
I could be wrong here, but I think Century is the ONLY chain that is 100% debt free. They do good business because they build quality theaters and don't cinch out in their presentations, so why in the world would they sell? Sounds like hogwash to me.

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Joseph L. Kleiman
Master Film Handler

Posts: 378
From: Sacramento, CA
Registered: Apr 2005


 - posted 11-17-2005 02:54 PM      Profile for Joseph L. Kleiman   Email Joseph L. Kleiman   Send New Private Message       Edit/Delete Post 
From my favorite trusty news source, The Hollywood Reporter (C) VNU Media:

quote:
March 31, 2005

Century Theatres on block

By Nicole Sperling

Bay Area-based Century Theatres is looking for a buyer.

According to several sources, the 64-year-old theater circuit has enlisted the services of investment banker Morgan Stanley to manage the sales process. An offering memorandum went out to interested parties Monday.

Century did not return calls seeking comment. Morgan Stanley investment banker Richard Brail declined comment.

Founded in 1941 by Raymond Syufy, the 1,000-screen circuit is run by brothers Raymond and Joseph Syufy. Based in San Rafael, the circuit boasts theaters throughout Northern California as well as in Arizona, Nevada and nine other Western states.

The Syufy brothers have built up a very successful theater chain over the years and, sources speculate, are more interested in selling because of the current market conditions, which have seen various chains gobbled up by larger competitors or private equity players looking for fresh investments.

Likely parties for the regional circuit include the three largest U.S. theater chains, Regal Entertainment Group, backed by oil billionaire Philip Anschutz; AMC Theatres, now owned by affiliates of JP Morgan Partners and Apollo Management; and Loews Cineplex, which is backed by Bain Capital, the Carlyle Group and Spectrum Equity Investors. All these companies have said they are interested in growing their business through acquisitions. According to one exhibitor, "(Century is) a nice circuit, well concentrated in good markets with a modern asset base. It's a strong company."

Also interested in kicking the tires are thought to be such smaller companies as Texas-based Cinemark U.S.A, now owned by Madison Dearborn Partners Inc., and Kerasotes Theatres in the Midwest, which received a $75 million equity investment in 2003 from Providence Equity Partners for the sole purpose of growing the circuit.

Sources say confidentiality agreements are being executed and letters of intent likely will be accepted this month.


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Bobby Henderson
"Ask me about Trajan."

Posts: 10677
From: Lawton, OK, USA
Registered: Apr 2001


 - posted 11-17-2005 03:09 PM      Profile for Bobby Henderson   Email Bobby Henderson   Send New Private Message       Edit/Delete Post 
Any wagers on how long it will take a new owner of Century Theaters to discontinue that all-THX thing (if it isn't already getting threatened)?

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Daryl C. W. O'Shea
Film God

Posts: 3977
From: Midland Ontario Canada (where Panavision & IMAX lenses come from)
Registered: Jun 2002


 - posted 11-17-2005 04:45 PM      Profile for Daryl C. W. O'Shea   Author's Homepage   Email Daryl C. W. O'Shea   Send New Private Message       Edit/Delete Post 
quote: Brad Miller
I could be wrong here, but I think Century is the ONLY chain that is 100% debt free. They do good business because they build quality theaters and don't cinch out in their presentations, so why in the world would they sell?
People sell debt free profitable companies all the time. Everyone arrives at a time when they've had enough, and in many cases there's no one in the family suitable to pass it on to (especially when the second generation wants out). Might as well sell it and take the cash and run, before it becomes no fun and consumes the rest of your life.

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Eric Hooper
Jedi Master Film Handler

Posts: 530
From: Fort Worth, TX, USA
Registered: May 2003


 - posted 11-17-2005 04:55 PM      Profile for Eric Hooper   Email Eric Hooper   Send New Private Message       Edit/Delete Post 
Also sell it before it before the end is near and it becomes unprofitable, which is coming up pretty quick!

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Matt Barth
Film Handler

Posts: 46
From: Albuquerque, NM 87109
Registered: Oct 2005


 - posted 11-17-2005 10:39 PM      Profile for Matt Barth   Email Matt Barth   Send New Private Message       Edit/Delete Post 
Wow thanks for the story, I couldn't find anything after much searching. So the only profitting national theater chain is up for sale. $20 says the buyer isn't even another chain...ok, maybe Mark Cuban but I think someone new is gonna swing in and screw the whole thing up.

---Matt

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Daryl C. W. O'Shea
Film God

Posts: 3977
From: Midland Ontario Canada (where Panavision & IMAX lenses come from)
Registered: Jun 2002


 - posted 11-17-2005 10:42 PM      Profile for Daryl C. W. O'Shea   Author's Homepage   Email Daryl C. W. O'Shea   Send New Private Message       Edit/Delete Post 
Surely you're not suggesting it would take an outsider to screw up a theatre chain!

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Matt Barth
Film Handler

Posts: 46
From: Albuquerque, NM 87109
Registered: Oct 2005


 - posted 11-18-2005 11:51 AM      Profile for Matt Barth   Email Matt Barth   Send New Private Message       Edit/Delete Post 
Not at all but the idea that AMC or Regal has the cash to pick up Century is funny.

Obviously anyone can screw up a theater chain, just look at the current situation in the theater market!

---Matt

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Jim Ziegler
Jedi Master Film Handler

Posts: 753
From: West Hollywood, CA
Registered: Jul 99


 - posted 11-26-2005 08:13 PM      Profile for Jim Ziegler   Email Jim Ziegler   Send New Private Message       Edit/Delete Post 
Last I heard was the Century was off the market because the Syufy's could not get an offer near what they were willing to take for the chain.

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Louis Bornwasser
Film God

Posts: 4426
From: prospect ky usa
Registered: Mar 2005


 - posted 11-27-2005 10:10 AM      Profile for Louis Bornwasser   Author's Homepage   Email Louis Bornwasser   Send New Private Message       Edit/Delete Post 
EVERYTHING is for sale; what we haven't agreed upon is the price! Louis

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