Most of the Toledo area's movie theaters will have a new owner — again.
Rave Cinemas has agreed to sell all 32 of its theaters, representing 483 screens, to Cinemark Holdings for approximately $240 million.
Rave operates the theaters at Westfield Franklin Park in Toledo, Levis Commons in Perrysburg, and the Shops at Fallen Timbers in Maumee.
Cinemark owns the theaters at Woodland Mall in Bowling Green, as well as locations in Tiffin and Sandusky.
The details of the deal still are being worked out, and it is subject to Department of Justice or Federal Trade Commission antitrust approval.
It is unclear if Rave’s employees will be retained or if new ones will be added. A spokesman for Rave declined to comment, and a spokesman for Cinemark did not return an email sent by The Blade, although he sent a press release to a Blade reporter and returned a phone call Monday.
The Rave spokesman did not release a count of Rave’s employees.
“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,” Tim Warner, Cinemark’s chief executive officer, said in a statement. The company, based in Plano, Texas, is the third-largest U.S. theater chain. It operates 461 theaters with 5,207 screens in 39 U.S. states and 13 other countries.
Rave purchased 35 theaters from National Amusements Inc., including four in the Toledo area, in 2009. It closed an 18-screen cineplex on Conant Street in Maumee in July, 2010, and sold it later that year to Calvary Assembly of God.
It’s unclear if ticket prices at local theaters will increase. The spokesman for Cinemark did not respond to a question about theater prices.
“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,” Rolando Rodriguez, president and CEO of Rave Cinemas said 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.”
Contact Kris Turner at: email@example.com or 419-724-6103.