Hollywood Theaters, the company that owns Malibu Cinemas, was bought out this week by Regal Entertainment Group, the largest theater chain in the country, the Los Angeles Times reported.
Regal acquired Hollywood Theaters for $191 million cash and $47 million in lease obligations. With the purchase, Regal takes in 43 added theaters with 513 movie screens. Before the purchase, Regal owned 6,880 screens at 540 theaters.
The majority of Hollywood Theaters’ cinemas are located in Hawaii, Kansas, Texas and Missouri, making Malibu a unique California location for the company.
Malibu’s only movie theater, a twinplex, was rebuilt in Nov. 2006 after it was destroyed in a 2005 fire that tore through nearly a third of the Cross Creek Plaza.
It’s unclear whether the new ownership will affect the Malibu location, but Regal’s stock rose 3% as news of the purchase broke, according to the Los Angeles Times.
“We expect the acquisition of Hollywood Theaters to be accretive to cash flows and earnings and are pleased to announce an agreement to purchase these high-quality assets,” said Regal CEO Amy Miles.