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AMC Joins Forces With Loews

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AMC Entertainment and Loews Cineplex Entertainment have agreed to merge. The two companies’ respective holding companies will also merge with Marquee Holdings continuing as the holding company for the combined entity.

The merged company will be called AMC Entertainment Inc., and will be based in Kansas City, Missouri. It will own, manage or have interests in about 450 theatres with about 5,900 screens in 30 states and 13 countries.

AMC Joins Forces With Loews

AMC Chairman of the Board, CEO and President, Peter C. Brown will keep his position in the merged company. AMC Entertainment Inc. will have about 24,000 associates.

“This merger is a combination of the oldest and most respected names in the business–AMC and Loews,” said Brown. “The transaction provides us with a unique opportunity to blend the best practices of two remarkable organizations as we create an extraordinary company.”

Loews President and CEO Travis E. Reid, and Mr. Brown will serve as co-chairs on an integration committee. This committee also will include representatives of the two sponsor groups.

“This merger is a historic moment in the exhibition industry. We are bringing together two companies with long-standing traditions of innovation and leadership, as well as cultures that focus on the highest quality guest service,” said Reid. “Peter and his team have done a great job leading AMC, and I look forward to working with them.”

According to a press release, the two companies will refinance their senior credit facilities in connection with the closing of the merger. The merger will not constitute a change of control for purposes of the outstanding senior notes of Marquee Holdings Inc. or the outstanding senior notes or senior subordinated notes of AMC Entertainment Inc.

The merger is expected to reach completion within the next six months. It is subject to customary closing conditions, including antitrust approval, and financing completion.

Chris is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.

AMC Joins Forces With Loews
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