Commonwealth Theaters

Commonwealth Theaters, Inc. was a movie theater chain based in Kansas City, Missouri, USA.

History

In 1936, Commonwealth purchased its headquarters in downtown Kansas City, part of a "film row" that hosted several regional film distribution companies.[1]

In 1983, Commonwealth went private through a merger with CMN Capital Corp.[2] By 1984, Commonwealth was reported to be one of the largest movie theater chains in the country, with over 400 screens in 14 states.[3]

Cannon and United Artists

Film production company Cannon Group announced in 1986 that it had agreed to purchase Commonwealth for $25 million in cash plus the assumption of $50 to $60 million in debt. At this time, Commonwealth was the sixth-largest theater chain in the country, comprising 425 screens in 12 states, with plans to open 70 more screens that year.[4][5] Within six months, Cannon ran into serious financial problems. These problems led to Renta Immobiliarla S.A., a Spanish-based group, acquiring a significant stake in Cannon, and Cannon put Commonwealth up for sale. Renta subsequently acquired complete control of Commonwealth in January 1988. One month later, Renta announced the formation of a joint venture with United_Artists_Communications, a theater chain then controlled by Tele-Communications Inc. Under the terms of the joint venture, each party would control 50% of Commonwealth.[6] Later press reports characterize the transfer of ownership as a purchase by United Artists, rather than a joint venture.[2]

By 1991, the downtown Kansas City headquarters building had closed.[1] United Artists reportedly sold off many former Commonwealth screens on a market-by-market basis.[7]

References

  1. 1 2 "Rigby sells Commonwealth building". Kansas City Business Journal. 16 April 2007. Retrieved 30 July 2015.
  2. 1 2 "United Artists buys theaters". Lawrence (KS) Journal-World. Associated Press. 1 August 1988. p. 8B. Retrieved 30 July 2015.
  3. ↑ "Commonwealth Six-Screen Theater Will Be First Tenant at New Center". The Daily Oklahoman. 1 June 1984. Retrieved 30 July 2015.
  4. ↑ Brooks, Nancy Rivera (8 May 1986). "Cannon Group Will Buy Theater Chain". Los Angeles Times. Retrieved 30 July 2015.
  5. ↑ Fabrikant, Geraldine (8 May 1986). "Cannon to buy chain of theaters". New York Times. Retrieved 30 July 2015.
  6. ↑ Delugach, Al (11 February 1988). "United Artists Enters Theater Deal: Denver Firm to Form Venture With Cannon Affiliate". Los Angeles Times. Retrieved 30 July 2015.
  7. ↑ Poessiger, Jack (22 May 2012). "New Jack City: What's In The Cards For AMC Entertainment Kansas City's Heritage Company?". KC Confidential. Retrieved 30 July 2015.
This article is issued from Wikipedia - version of the 9/6/2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.