Carlyle Group buys into world's third-largest cinema chain
A team of buyout firms sealed a deal to snap up Loews Cineplex Entertainment for $1.46 billion.
Canadian buyout firm Onex Corp., which owns Loews with Oaktree Capital Management, said yesterday that it would sell the world's third-largest movie theater chain to a company formed by Bain Capital, the Carlyle Group and Spectrum Equity Investors.
A source familiar with the deal said Bain and Carlyle will have equal stakes of 38 per cent each, while Spectrum will have around 20 per cent, with existing management owning the rest.
Michael Connelly, a managing director of the Carlyle Group's telecommunications and media group said "We look forward to working with management and employees of the company to create new opportunities".
The assets being acquired by Bain, Carlyle and Spectrum include Loews' U.S. operations, Grupo Cinemex in Mexico and its 50 per cent interests in Megabox Cineplex of Korea and Yelmo Cineplex of Spain.
Loews, based in New York, boasts more than 2800 screens in some 280 movie houses throughout the world.
[Would this have anything to do with the Bush cartel, which has close connections with Carlyle, being unable to suppress screenings of Michael Moore's Fahrenheit 9/11? The film looks at the alleged 'murky relationship' between Bush senior, controversial defence investment firm the Carlyle GroupLink...]
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