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10/3/2004

Regal Group buys Signature Theatres

The Associated Press

KNOXVILLE, Tenn. — Regal Entertainment Group, the nation’s largest movie theater company, said Friday that it has completed the acquisition of Signature Theatres in California and Hawaii.
The $200 million purchase of 30 Signature theaters with 309 screens will expand Regal’s presence in California and provide its first representation in Hawaii.
“We expect the acquired Signature theaters will be accretive to cash flows and earnings,” said Mike Campbell, co-CEO of Regal Entertainment Group and head of theater operations.
He called it “an acquisition of high-quality assets that further demonstrates our ability to execute Regal’s business strategy,” which has been to grow by both expanding its own brand and buying others.
Knoxville-based Regal Entertainment, with Denver billionaire Philip Anschutz as majority investor, now operates under the Regal Cinemas, United Artists Theatres and Edwards Theatres brands.