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» Film-Tech Forum   » Operations   » Ground Level   » AMC buying most or all of Kerasotes complexes (Page 1)

 
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Author Topic: AMC buying most or all of Kerasotes complexes
Joe Redifer
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 - posted 01-19-2010 03:40 PM      Profile for Joe Redifer   Author's Homepage   Email Joe Redifer   Send New Private Message       Edit/Delete Post 
There has been a lot of buzz going around that AMC is buying up most complexes run by Kerasotes theaters. However the three newest plexes in Chicago are supposedly not being purchased as part of the deal, however I am not 100% sure on that.

Discuss.

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Dennis Benjamin
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 - posted 01-19-2010 04:03 PM      Profile for Dennis Benjamin   Author's Homepage   Email Dennis Benjamin   Send New Private Message       Edit/Delete Post 
I believe it.

They put in a bid for Consolidated Theatres in 2007 and Regal beat them to the punch.

It is no surprise they would make a bid for Kerasotes. Let see if it goes through....

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Jeremy Jorgenson
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 - posted 01-19-2010 04:15 PM      Profile for Jeremy Jorgenson   Author's Homepage   Email Jeremy Jorgenson   Send New Private Message       Edit/Delete Post 
I think of the three that aren't affected, only one is in Chicago (the new ICON), the others would be the ICON in MN and the location in Secaucus, NJ.

From a strictly personal level, if that indeed is what happens, it'll neaten up my resume in that 5 of the 7 theatre chains I have worked for will all be nicely located under the AMC heading: Cineplex Odeon (which was taken over by Loews); Loews (which was taken over by AMC); AMC; Crown (which was taken over by Kerasotes); and Kerasotes (which, if this is true, will be taken over by AMC).

I haven't worked for AMC since 2000 though, how is the company to work for these days?

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Joe Redifer
You need a beating today

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 - posted 01-19-2010 04:47 PM      Profile for Joe Redifer   Author's Homepage   Email Joe Redifer   Send New Private Message       Edit/Delete Post 
From what I can tell, they're a lot better than they used to be, especially in regards to their theater design. They are no longer bothered by Larry Jacobson so they put in normal, non-Torus screens and locate their surrounds on the wall instead of the ceiling. United Artists had a party at corporate headquarters after he left and I imagine AMC did the same.

As for working for them, I can't say. Anyone?

Dennis, I guess AMC put in the bid quite a while ago, but only recently has it gone through. I guess it is pretty much a done deal.

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Mike Blakesley
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 - posted 01-19-2010 06:16 PM      Profile for Mike Blakesley   Author's Homepage   Email Mike Blakesley   Send New Private Message       Edit/Delete Post 
This came in today's email. I don't have time to read the whole thing but hopefully it has all the pertinent info. Joe is right about "not all" their complexes being sold:

quote: Business Wire
Business Wire
AMC Entertainment® and Kerasotes Theatres Announce Entry into Definitive Agreement
Posted on : 2010-01-19 | Author : AMC Entertainment
News Category : PressRelease

KANSAS CITY, Mo. - (Business Wire) AMC Entertainment Inc. (“AMC”), and Kerasotes Showplace Theatres, LLC (“Kerasotes”), two leading theatrical exhibition and entertainment companies in the U.S., announced today that they have entered into a definitive agreement pursuant to which AMC will acquire substantially all of the assets of Kerasotes. Kerasotes owns 96 theatres and 973 screens in mid-sized, suburban and metropolitan markets, primarily in the Midwest. More than three quarters of the Kerasotes theatres feature stadium seating and almost 90 percent have been newly built since 1994. Following the consummation of the proposed transaction, Tony and Dean Kerasotes will retain and operate their two new ICON concept theatres in Minneapolis, MN and Chicago, IL; and one Showplace theatre in Secaucus, NJ. Kerasotes is currently owned by the Kerasotes family and Providence Equity Partners.
"Combining Kerasotes’ highly regarded assets and operations with our own is a natural way for us to continue re-defining the future of our industry,” said Gerry Lopez, AMC CEO and president. “With almost 200 years in the exhibition business between us, our collective experiences and our complementary geographic footprints will allow us to maintain the reputation for excellence and leadership that is part of each company’s culture.”

“Our team has delivered a consistent, high quality experience for customers, and we have appreciated Providence’s partnership over the last six years in helping Kerasotes grow into the sixth largest motion picture exhibition company in North America,” said Tony Kerasotes, Chief Executive Officer. “We expect these theatres will be a strong addition to the AMC theatre circuit, and look forward to successfully completing the transaction with AMC and to beginning our next chapter.”

Completion of the acquisition is subject to the satisfaction of customary closing conditions for transactions of this type, including Department of Justice antitrust approval.

Kerasotes Theatres’ financial advisor was Peter J. Solomon Company, LP.

Forward Looking Statements

Certain statements in this press release, as well as reports and other information that AMC files with the Securities and Exchange Commission, include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words “forecast,” “estimate,” “project,” “intend,” “expect,” “should,” “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, which may cause AMC’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: national, regional and local economic conditions that may affect the markets in which AMC and AMC’s joint venture investees operate; the levels of expenditures on entertainment in general and movie theatres in particular; increased competition within movie exhibition or other competitive entertainment mediums; technological changes and innovations, including alternative methods for delivering movies to consumers; the popularity of theatre attendance and major motion picture releases; shifts in population and other demographics; AMC’s ability to renew expiring contracts at favorable rates, or to replace them with new contracts that are comparably favorable to AMC; the timely satisfaction of the closing conditions to the Kerasotes acquisition, including receipt of antitrust approval; AMC’s ability to integrate the Kerasotes theatres with minimal disruption to its business; AMC’s need for, and ability to obtain, additional funding for acquisitions and operations; AMC’s ability to successfully collect amounts we are contractually entitled to from the sale of Cinemex; risks and uncertainties relating to AMC’s significant indebtedness; fluctuations in operating costs; capital expenditure requirements; changes in interest rates; and changes in accounting principles, policies or guidelines. This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative but not exhaustive. In addition, new risks and uncertainties may arise from time to time. Accordingly, all forward-looking statements should be evaluated with an understanding of their inherent uncertainty. Except as required by law, AMC assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

About AMC Entertainment Inc.

Headquartered in Kansas City, Mo., AMC Entertainment Inc. is a leading theatrical exhibition and entertainment company. With a history of industry leadership and innovation dating back to 1920, the company today serves hundreds of millions of guests annually through interests in 304 theatres with 4,574 screens in five countries. www.amcentertainment.com

About Kerasotes Theatres

Based in Chicago, Illinois, Kerasotes is the sixth largest motion picture exhibition company in North America and the largest movie theater operator in the Midwest, with 973 screens in 96 locations, primarily in the Midwest. The privately held company was founded in 1909 by Gus Kerasotes and is operated by the third generation as a family owned business. Visit www.kerasotes.com and www.showplaceicon.com for additional information.

AMC Entertainment
Sun Dee Larson, 816-480-5861
slarson@amctheatres.com
or
Kerasotes Showplace Theatres
James DeBruzzi, 312-756-3365
jdebruzzi@kerasotes.com


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Joe Redifer
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 - posted 01-19-2010 06:37 PM      Profile for Joe Redifer   Author's Homepage   Email Joe Redifer   Send New Private Message       Edit/Delete Post 
I have heard bizarre rumors that AMC likes their booth team or at least the booth manager to have college degrees. I can't fathom needing a college degree to work at any position in a movie theater (management included), especially given the pay rate. Anyone else heard of this one?

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Jeff Leyland
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 - posted 01-19-2010 07:45 PM      Profile for Jeff Leyland   Email Jeff Leyland   Send New Private Message       Edit/Delete Post 
Kerasotes Webster Place 11 was sold by AMC when they bought Loews, and the City North 14 when AMC bought General Cinema. Won't they have to sell off something in the Chicago market to satisfy the government?

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Jeremy Jorgenson
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 - posted 01-19-2010 08:28 PM      Profile for Jeremy Jorgenson   Author's Homepage   Email Jeremy Jorgenson   Send New Private Message       Edit/Delete Post 
quote: Jeff Leyland
Kerasotes Webster Place 11 was sold by AMC when they bought Loews, and the City North 14 when AMC bought General Cinema.
Yes, sold to Kerasotes! So, now do they become AMC once again? Or, as Jeff notes, perhaps they'll have to sell off various assets to offset antitrust issues or whatever...???

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John Joseph Fink
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 - posted 01-19-2010 08:47 PM      Profile for John Joseph Fink   Author's Homepage   Email John Joseph Fink   Send New Private Message       Edit/Delete Post 
I assume the few single screen sites Kerasotes won't last long under AMC as well. Any other markets AMC/Kerasotes overlap in that would cause an anti-trust issue, I don't think Seacacus is a problem (after all the Kerasotes replaced AMC, I'm assuming there may be an issue with Hartz Mountain Industries, I wonder if Kerasotes is still moving ahead with another Hartz project down in Edison, NJ smack between two AMC sites - Menlo Park and Route 1.) I wonder if Rave is looking to move in to Chicago.

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Chris Slycord
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 - posted 01-20-2010 12:07 AM      Profile for Chris Slycord   Email Chris Slycord   Send New Private Message       Edit/Delete Post 
quote: Joe Redifer
I have heard bizarre rumors that AMC likes their booth team or at least the booth manager to have college degrees.
When I worked in the booth at AMC I was the only one with a degree and the manager didn't have one although most of the other guys who were actually out of HS were going to local colleges.

And the booth manager that's there doesn't have a degree AFAIK. And this is a huge complex as well; not one of their smaller places.

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Christopher Crouch
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 - posted 01-20-2010 07:09 AM      Profile for Christopher Crouch   Email Christopher Crouch       Edit/Delete Post 
quote: Joe Redifer
I have heard bizarre rumors that AMC likes their booth team or at least the booth manager to have college degrees.
They do prefer management to have degrees/be in the process of obtaining one and generally make it a requirement for those hired from outside the company. Naturally, how firmly this requirement is followed varies slightly between markets.

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Monte L Fullmer
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 - posted 01-20-2010 12:58 PM      Profile for Monte L Fullmer   Email Monte L Fullmer   Send New Private Message       Edit/Delete Post 
Would this buyout be similar to when Century sold out to Cinemark whereas the Syufy family didn't need to do this sellout in the first place?

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Adam Martin
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 - posted 01-20-2010 02:30 PM      Profile for Adam Martin   Author's Homepage   Email Adam Martin       Edit/Delete Post 
Majority ownership in Kerasotes Showplace was an investment firm that wanted out.

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Scott D. Neff
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 - posted 01-20-2010 04:05 PM      Profile for Scott D. Neff   Author's Homepage   Email Scott D. Neff   Send New Private Message       Edit/Delete Post 
Then the three theatres they're retaining are likely NOT owned by the investment firm I imagine?

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Adam Martin
I'm not even gonna point out the irony.

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 - posted 01-20-2010 07:45 PM      Profile for Adam Martin   Author's Homepage   Email Adam Martin       Edit/Delete Post 
The majority of the company was sold. [Big Grin]

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