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Valley Mall 16 theaters sold in $31 million deal

March 02, 2005|by ANDREW SCHOTZ

andrews@herald-mail.com

R/C Theatres is selling seven movie theaters - including one at Valley Mall in Halfway - to Regal Entertainment Group for $31 million, an R/C official said Tuesday.

R/C Theatres of Reisterstown, Md., opened Valley Mall 16 in May 2000 and has owned it since.

Regal Entertainment Group, which is based in Knoxville, Tenn., says on its Web site that it operates more than 6,200 screens at 558 locations across the country. It bills itself as "the largest motion picture exhibitor in the world."

Dennis Daniels, R/C Theatres' executive vice president and chief executive officer, said Regal Entertainment Group is buying 76 screens at seven theaters.

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The deal is expected to close around April 1, he said.

He said he doesn't anticipate any changes at the theaters under the new ownership.

In addition to Valley Mall 16, the other theaters are:

· Westview Movies 16 in Frederick, Md.

· Eastpoint Movies 10 in Baltimore

· Carrolltowne Movies 6 in Eldersburg, Md.

· Culpeper Movies 4 in Culpeper, Va.

· M.J. Cinemas 8 in Carlisle, Pa.

· Parkside Movies 16 in Pinellas Park, Fla.

R/C Theatres will have 11 theaters in Maryland, Pennsylvania, Virginia, North Carolina and Florida after the sale, Daniels said.

In addition, R/C Theatres plans to build a 16-screen theater in Winchester, Va., and a 14-screen theater in Wilkes-Barre, Pa., he said.

Asked why R/C Theatres is selling the theaters now, Daniels said, "The timing is right. It's a good market."

A spokesman for Regal Entertainment Group couldn't be reached for comment Tuesday.

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