Studios Buy Mann Theatres Chain
LOS ANGELES (AP) _ A partnership owned by the Warner Bros. and Paramount studios has acquired the defunct Mann Theatres chain after a bankruptcy court approved a $91 million sale agreement.
The theater chain’s parent company, WestStar Cinemas Inc., had filed for bankruptcy protection last year.
WestStar agreed to sell the chain to WF Cinema Holdings, a partnership between Warner Bros. and Paramount, but the bankruptcy court ordered the sale opened up to competitive bids.
However, no other companies bid on the 351-screen chain, and the previous agreement was approved Tuesday.
Warner Bros. spokeswoman Barbara Brogliatti told the Daily News of Los Angeles that the court process was ``fairly routine.″
Under terms of the deal, WF Cinema must pay WestStar $46 million immediately and an additional $45 million by Oct. 15, according to court documents.
Encino-based WestStar operates 53 Mann Theatres in Colorado and California, including the landmark Mann’s Chinese Theatre in Hollywood.