Wednesday, July 28, 2021

MORE THEATER CHAIN CONSOLIDATION AS CARMIKE BUYS DIGIPLEX

May 16, 2014 by · Leave a Comment 

The number of players among the big theater chains is being reduced yet again. Carmike Cinemas announced on Thursday that it is acquiring the Digiplex chain, which operates 206 screens in 21 theaters, for $45 million in stock. Carmike, by contrast, operates 2,670 screens in 253 theaters. The announcement came on the same day that Digiplex reported a net loss of $1.2 million during the last quarter on revenue of $10.1 million. For the previous quarter it had reported a net loss of $2.2 million on revenue of $8.8 million. Over the past decade, there has been a dramatic increase in consolidation among the nation’s movie exhibitors, resulting in a shift in the power balance between exhibitors and studios, some analysts have observed.