Kerasotes Showplace Theatres, the nation’s sixth-largest movie theater chain, said Wednesday that it has reached agreement to sell most of its 96 theaters to AMC Entertainment Inc., according to Associated Press.
The companies said they expect to complete the sale this summer.
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Kerasotes, which was founded in 1909, now has theaters in Illinois, Indiana, Iowa, Missouri, Wisconsin, Ohio, Minnesota, Colorado, California, and New Jersey for a total of 957 screens.
Kerasotes CEO Tony Kerasotes said Tuesday he and his brother Dean would continue to own and operate new ICON concept theaters in Chicago and Minneapolis, as well as one theater in Secaucus, NJ.
AMC, the nation's second-largest theater chain, has more than 305 theaters and 4,574 screens in five countries.
Terms of the deal, which is subject to regulatory review, were not disclosed.
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