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Carlyle Group Makes Agreement to Buy Loews Theatres, including the Metreon
This is an interesting breaking story about the Carlyle Group's move to takeover our minds(aka the 3rd largest movie theater chain in the global motion picture exhibition industry, with over 200 theaters and 2,200 screens worldwide).
June 21, 2004
# 2004-36pc
Onex To Sell Loews Cineplex To Investor Group For C$2.0 Billion; Bain Capital, Carlyle And Spectrum Equity To Purchase Loews
Toronto -- Onex Corporation (TSX:OCX) announced today that it and Oaktree Capital Management, LLC, its partner in Loews Cineplex Entertainment Corporation and Grupo Cinemex ("Loews"), have reached an agreement to sell the business to a corporation formed by Bain Capital, The Carlyle Group and Spectrum Equity Investors for C$2.0 billion. Onex and Oaktree will retain the Loews interest in Cineplex Galaxy, which operates the Loews theatre business in Canada as well as Galaxy Entertainment and trades on the Toronto Stock Exchange under the symbol CGX.UN.
Loews is . The assets being acquired include Loews' operations in the U.S., Grupo Cinemex, and its 50% interests in Megabox Cineplex of Korea and Yelmo Cineplex of Spain. Onex' share of the cash proceeds is expected to be approximately C$775 million. In addition, Onex will continue to own units of Cineplex Galaxy, which have a current market value of approximately C$105 million.
"Loews Cineplex has been an excellent investment for Onex Corporation," said Anthony Munk, a Managing Director of Onex. "In partnership with management, we successfully restructured the company when we acquired it out of bankruptcy. Since acquiring it we have built it into a leading exhibitor. As part of the transformation of Loews, we completed three successful acquisitions in the U.S., Mexico and Korea. We also merged Loews' Canadian assets with Galaxy Entertainment as part of an income trust public offering, which significantly enhanced the value of the business."
"We are pleased to partner with Carlyle and Spectrum to acquire one of the largest movie theater chains in the world, with a high quality circuit focused in the top 10 U.S. markets and key international locations," said John Connaughton, a Managing Director at Bain Capital. "Thanks in part to an existing theater portfolio that has been recently upgraded, Loews is well-positioned to capitalize on the industry's steady growth prospects. The investor group will work closely with the talented management team to grow the business."
Credit Suisse First Boston LLC and Citigroup Global Markets acted as financial advisors to Loews Cineplex in connection with this transaction. It is currently expected that the sale, which is subject to customary regulatory approvals, will close during the third quarter.
Oaktree Capital Management, LLC, based in Los Angeles, is a private investment management firm with approximately US$29 billion of assets committed for management primarily from institutional investors.
# # #
http://www.thecarlylegroup.com/eng/news/l5-news2805.html
# 2004-36pc
Onex To Sell Loews Cineplex To Investor Group For C$2.0 Billion; Bain Capital, Carlyle And Spectrum Equity To Purchase Loews
Toronto -- Onex Corporation (TSX:OCX) announced today that it and Oaktree Capital Management, LLC, its partner in Loews Cineplex Entertainment Corporation and Grupo Cinemex ("Loews"), have reached an agreement to sell the business to a corporation formed by Bain Capital, The Carlyle Group and Spectrum Equity Investors for C$2.0 billion. Onex and Oaktree will retain the Loews interest in Cineplex Galaxy, which operates the Loews theatre business in Canada as well as Galaxy Entertainment and trades on the Toronto Stock Exchange under the symbol CGX.UN.
Loews is . The assets being acquired include Loews' operations in the U.S., Grupo Cinemex, and its 50% interests in Megabox Cineplex of Korea and Yelmo Cineplex of Spain. Onex' share of the cash proceeds is expected to be approximately C$775 million. In addition, Onex will continue to own units of Cineplex Galaxy, which have a current market value of approximately C$105 million.
"Loews Cineplex has been an excellent investment for Onex Corporation," said Anthony Munk, a Managing Director of Onex. "In partnership with management, we successfully restructured the company when we acquired it out of bankruptcy. Since acquiring it we have built it into a leading exhibitor. As part of the transformation of Loews, we completed three successful acquisitions in the U.S., Mexico and Korea. We also merged Loews' Canadian assets with Galaxy Entertainment as part of an income trust public offering, which significantly enhanced the value of the business."
"We are pleased to partner with Carlyle and Spectrum to acquire one of the largest movie theater chains in the world, with a high quality circuit focused in the top 10 U.S. markets and key international locations," said John Connaughton, a Managing Director at Bain Capital. "Thanks in part to an existing theater portfolio that has been recently upgraded, Loews is well-positioned to capitalize on the industry's steady growth prospects. The investor group will work closely with the talented management team to grow the business."
Credit Suisse First Boston LLC and Citigroup Global Markets acted as financial advisors to Loews Cineplex in connection with this transaction. It is currently expected that the sale, which is subject to customary regulatory approvals, will close during the third quarter.
Oaktree Capital Management, LLC, based in Los Angeles, is a private investment management firm with approximately US$29 billion of assets committed for management primarily from institutional investors.
# # #
http://www.thecarlylegroup.com/eng/news/l5-news2805.html
For more information:
http://www.indybay.org/news/2004/06/168652...
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The Bush-Bin Ladin investment racket, the Carlyle Group, is buying these theaters to make sure any movie they do not like, such as Fahrenheit 9/11, is not viewed in their first run theaters. Of course, if they play censor too much, they will soon have no theaters. They do not care about culture; they just want to stop the truth so as to maximize their oil and munitions profits, where the real money is.
At 12:01 a.m., June 25, 2004, Metreon in San Francisco started its commercial run of Fahrenheit 9/11, after a benefit showing the evening of June 24, 2004.
From http://www.f911tix.com/, some of the constantly growing list of theaters showing this movie in California are:
Bakersfield
Pacific Valley Plaza 16
Berkeley
Landmark California 3 Center
Burbank
AMC Burbank 16
Camarillo
Paseo Camarillo
Chico
Cinemark 14
Concord
Brenden Concord 14
Davis
Signature Stadium 5
Eureka
Broadway
Fremont
Century Cinedome East 8
Fresno
Edwards Fresno Stadium 21 Cinemas
Signature Manchester Stadium 16
Fullerton
AMC Fullerton 20
Hollywood
Pacific Arclight Cinemas
La Jolla
Landmark La Jolla Village Cinemas 4
Long Beach
Art
Edwards Long Beach Stadium 26
Los Angeles
AMC Century 14
Los Feliz 3
NA The Bridge CInema Delux
Pacific The Grove Stadium 14
Mill Valley
Century Cine Arts at Sequoia
Modesto
Brenden Modesto 18
Monterey
Osio Plaza 6
Mountain View
Century Cinema 16
Napa
Century Cinedome 8
Oakland
Grandlake 4
Orange
AMC 30 @the Block
Century Stadium 25
Palm Springs
Signature Palm Springs
Pasadena
Laemmle Playhouse 7 Cinemas
Richmond
Century 16 Hilltop
Rohnert Park
Pacific Rohnert Park All-Stadium 16
Sacramento
Century Stadium 14
Redding Tower 3
Regal Natomas Marketplace 16
UA Laguna Village 12
San Diego
AMC Mission Valley 20
AMC Palm Promenade 24
Madstone Hazard Center 7
Pacific Carmel Mountain 12
Pacific Gaslamp 15
Pacific Townsquare 14
San Francisco
AMC Van Ness 14
Century Empire Cinema 3
Metreon 15
San Jose
Century 20 Oakridge
Century 22 A-C
Century Capital 16 San Jose
San Luis Obispo
The Palm Theater
San Mateo
Century 12 Downtown San Mateo
San Rafael
Century Regency 6
Santa Barbara
Metropolitan Paseo Nuevo 4
Santa Clara
AMC Mercado 20
Santa Cruz
Del Mar Theater
Santa Rosa
Airport Cinema 12
Rialto Cinemas Lakeside
Stockton
Signature City Centre 16
Turlock
Signature Turlock Stadium 14
Ukiah
Signature Ukiah 6
Ventura
Century 16
Century Downtown 10
Visalia
Signature Stadium 10
Walnut Creek
Century 14 Downtown Walnut Creek
At 12:01 a.m., June 25, 2004, Metreon in San Francisco started its commercial run of Fahrenheit 9/11, after a benefit showing the evening of June 24, 2004.
From http://www.f911tix.com/, some of the constantly growing list of theaters showing this movie in California are:
Bakersfield
Pacific Valley Plaza 16
Berkeley
Landmark California 3 Center
Burbank
AMC Burbank 16
Camarillo
Paseo Camarillo
Chico
Cinemark 14
Concord
Brenden Concord 14
Davis
Signature Stadium 5
Eureka
Broadway
Fremont
Century Cinedome East 8
Fresno
Edwards Fresno Stadium 21 Cinemas
Signature Manchester Stadium 16
Fullerton
AMC Fullerton 20
Hollywood
Pacific Arclight Cinemas
La Jolla
Landmark La Jolla Village Cinemas 4
Long Beach
Art
Edwards Long Beach Stadium 26
Los Angeles
AMC Century 14
Los Feliz 3
NA The Bridge CInema Delux
Pacific The Grove Stadium 14
Mill Valley
Century Cine Arts at Sequoia
Modesto
Brenden Modesto 18
Monterey
Osio Plaza 6
Mountain View
Century Cinema 16
Napa
Century Cinedome 8
Oakland
Grandlake 4
Orange
AMC 30 @the Block
Century Stadium 25
Palm Springs
Signature Palm Springs
Pasadena
Laemmle Playhouse 7 Cinemas
Richmond
Century 16 Hilltop
Rohnert Park
Pacific Rohnert Park All-Stadium 16
Sacramento
Century Stadium 14
Redding Tower 3
Regal Natomas Marketplace 16
UA Laguna Village 12
San Diego
AMC Mission Valley 20
AMC Palm Promenade 24
Madstone Hazard Center 7
Pacific Carmel Mountain 12
Pacific Gaslamp 15
Pacific Townsquare 14
San Francisco
AMC Van Ness 14
Century Empire Cinema 3
Metreon 15
San Jose
Century 20 Oakridge
Century 22 A-C
Century Capital 16 San Jose
San Luis Obispo
The Palm Theater
San Mateo
Century 12 Downtown San Mateo
San Rafael
Century Regency 6
Santa Barbara
Metropolitan Paseo Nuevo 4
Santa Clara
AMC Mercado 20
Santa Cruz
Del Mar Theater
Santa Rosa
Airport Cinema 12
Rialto Cinemas Lakeside
Stockton
Signature City Centre 16
Turlock
Signature Turlock Stadium 14
Ukiah
Signature Ukiah 6
Ventura
Century 16
Century Downtown 10
Visalia
Signature Stadium 10
Walnut Creek
Century 14 Downtown Walnut Creek
For more information:
http://www.f911tix.com/
Great! This now makes it easier for us to protest and boycott the Carlyle Group. They have heretofore been hiding in financial district office buildings and in plants down in Sili Valley (the tank maker, I forget the name.)
If they own a business that needs to be open to the public - like a theater - then we have an access point to promote awareness of the Carlyle Group and what they represent. If I am not mistaken, Loews is a fairly urban theater chain, meaning that a good deal of Loews customers may be in states that vote against Bush.
If they own a business that needs to be open to the public - like a theater - then we have an access point to promote awareness of the Carlyle Group and what they represent. If I am not mistaken, Loews is a fairly urban theater chain, meaning that a good deal of Loews customers may be in states that vote against Bush.
yep, i suppose in the short run, seeing f 9/11 probably would help bush. on the other hand...
If Carlyle Group doesnot pay a living wage to it's employees how can we support going to see this movie while at the same time exploiting the working poor.Loews customers
tip the workers, or complain to the management
tip the workers, or complain to the management
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