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Monday, Feb 26, 2024

Sundance Cinemas Sold to Carmike

The Sundance Cinemas chain will be acquired by Carmike Cinemas Inc. in a deal valued at $36 million, the companies announced Tuesday. The Westlake Village chain went on the market in June after its majority owner, a fund affiliated with downtown Los Angeles private equity firm Oaktree Capital Management, decided to liquidate. For the 12-month period ending June 30, Sundance had net income of $2.5 million. Carmike, a publicly traded company in Columbus, Ga., can continue operating the five Sundance theaters under the Sundance name but will not expand the brand. Sundance, founded eight years ago by movie actor Robert Redford, has cinemas in West Hollywood, San Francisco, Houston, Seattle and Madison, Wis. Carmike operates 274 theaters in 41 states, including the Thousand Oaks 14 in Thousand Oaks. Carmike Chief Executive David Passman said the purchase of Sundance will allow the larger theater chain to bring in higher audience rates for non-blockbuster titles and provide additional luxury expansion opportunities. “Not only are these five theaters located in complementary locations with limited geographic overlap with our existing circuit, but they also offer tremendous opportunity to implement Carmike’s proven and successful guest experience strategies,” Passman said in a prepared statement.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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