Carmike Cinemas Completes Acquisition of Three Atlanta-Area MNM Movie Theatres With an Aggregate of 40 Screens

October 25, 2011

Source: Carmike Cinemas

Carmike Cinemas announced the closing of its purchase of three Atlanta-area movie theatres with a total of 40 auditoriums from MNM Theatres. The agreement was first announced August 19 as a Letter of Intent. The three theatres are based in Atlanta, Hiram and Cumming, GA.

Carmike will commence converting MNM’s 34 remaining analog screens to digital cinema in the near-term and the Company also plans to install 15 additional RealD 3-D screens for an aggregate of 741 3-D-compatible screens after the digital rollout is completed in early November. Carmike now has 25 Georgia-based entertainment complexes.

Carmike Cinemas President and Chief Executive Officer David Passman said, “We are delighted to complete this transaction, which further expands our growing footprint in Carmike’s home state of Georgia. More than 10% of our circuit is based here and we have our 26th entertainment complex set to open in Winder, GA before year-end.

“The MNM acquisition underscores our strategic growth plan to increase screen count both through accretive acquisitions such as MNM as well as state-of-the-art new build-to-suit complexes. We have a number of theatres currently under construction and several awaiting financing approval. In addition, we are installing BigD large format screens at some of our most successful existing theatres and are also in the process of opening the Company’s second Ovation Club VIP Dining auditorium at Carmike’s forthcoming Sandestin, FL location, slated for a summer 2012 debut at The Village at Myrtle Grove,” concluded Mr. Passman.

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