COLUMBUS, Ga.--(BUSINESS WIRE)--Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today released a statement regarding the complaint filed by the U.S. Department of Justice (the “DOJ”) seeking to block the acquisition of Screenvision by National Cinemedia, Inc. (“NCM”).
David Passman, Carmike’s President and Chief Executive Officer, stated, “We are disappointed that the DOJ is seeking to block the proposed sale of Screenvision. We hope that Screenvision and NCM will be able to demonstrate the benefits of the transaction to the DOJ. However, we are very pleased with our existing relationship with Screenvision and, in the event the proposed sale is not consummated, we look forward to continuing to work with Screenvision in the future.”
As of September 30, 2014, Carmike held Class C and Class A membership units representing an approximately 19% “profits interest” in SV Holdco, LLC, the holding company for the Screenvision business. Carmike also has a long-term exhibition agreement with Screenvision for Screenvision to exclusively provide Carmike’s on-screen advertising services through July 1, 2042. In the event the proposed sale is not consummated, Carmike would maintain its ownership interest in Screenvision and its long-term exhibition agreement with Screenvision.
About Carmike Cinemas (www.carmike.com)
Carmike Cinemas, Inc. is a U.S. leader in digital cinema, 3-D cinema deployments and one of the nation’s largest motion picture exhibitors. At September 30, 2014, Carmike had 278 theatres with 2,917 screens in 41 states. The circuit includes 42 premium large format auditoriums featuring state-of-the-art technology and luxurious seating, including 25 “BigDs,” 15 IMAX auditoriums and two MuviXL screens. As “America’s Hometown Theatre Chain,” Carmike’s primary focus is mid-sized communities.