All 483 screens are fully digital and 37 percent of the screens are 3-D capable. The assets to be acquired also include seven IMAX screens and nine premium large-format auditoriums, according to Cinemark officials.
“The acquisition of these high quality assets will further enhance Cinemark’s diversified domestic footprint, including the expansion of our presence in the New England market,” stated Tim Warner, Cinemark’s chief executive, in a statement.
Headquartered in Plano, Texas, Cinemark operates 299 theatres and 3,918 screens in 39 states. The company’s theaters include the Cinemark Miami Valley 1020 Garbry Road in Piqua.
“We are excited about the opportunity to bring these two great companies together. Rave associates and field partners have worked hard to build a top-notch circuit, and Cinemark is well known as one of the best in the business,” said Rolando Rodriguez, president and chief executive of Rave Cinemas, in a statement.
“I am confident that under Cinemark’s leadership, Rave’s exceptional quality and customer service will be taken to an even higher level,” Rodriguez said.
Rave’s 32 theaters generated revenues of nearly $229 million and net income of $21.9 million in the last year. The company was founded in 1999.
Rave had purchased the three Dayton-area theaters in December 2009 as part of a deal to acquire 35 theaters from Boston-based National Amusements.
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