Tilted Forum Project Discussion Community - View Single Post - Group which Includes the 'Carlyle Group' to buy Loews Multiplex Company

Bookman · 06-23-2004, 09:12 AM

Anyone else hear anything on this?
Will this have any effect on Loews showing "Farenheit 9-11"?
Were they showing it anyway?
I have read articles about Hollywood being used to condition people to war and Administration friendly values..is this along those lines?

Link

Boston

Group Led by Bain Capital Acquires Loews Cineplex for Just Under $2B
By Naomi Grossman
Last updated: June 23, 2004 01:49pm

BOSTON-A corporation formed by Bain Capital, the Carlyle Group and Spectrum Equity Investors reached an agreement to acquire Loews Cineplex Entertainment Corp. and Grupo Cinemex from Onex Corp. and its partner, Oaktree Capital Management LLC for approximately $1.5 billion.

The Toronto-based Onex and Oaktree will retain the Loews interest in Cineplex Galaxy, which operates the Loews theater business in Canada as well as Galaxy Entertainment. Loews is the third largest movie theater chain in the industry, with over 200 theaters and 2,200 screens worldwide. The assets being acquired include Loews' operations in the US, Grupo Cinemex, and its 50% interests in Megabox Cineplex of Korea and Yelmo Cineplex of Spain.

"Loews Cineplex has been an excellent investment for Onex," says Anthony Munk, a managing director of Onex, which acquired the company out of bankruptcy. "Since acquiring it we have built it into a leading exhibitor." As part of the transformation of Loews, the company completed three acquisitions in the US, Mexico and Korea. They also merged Loews' Canadian assets with Galaxy Entertainment as part of an income trust public offering.

John Connaughton, a managing director at Bain Capital, notes that the chain has a high quality circuit that is focused in the top 10 US markets and key international locations. "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," he adds. "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.

Bain Capital is a locally based global private investment firm with more than $20 billion in assets under management. The Carlyle Group is a private equity firm with more than $18 billion under management. Spectrum Equity Investors is a locally based private equity firm with over $3 billion under management.

This past March, Madison Dearborn Partners Inc. acquired Cinemark Inc., another leading motion picture exhibitor, for $1.5 billion.

06-23-2004, 09:12 AM	#1 (permalink)
Bookman Insane	Group which Includes the 'Carlyle Group' to buy Loews Multiplex Company Anyone else hear anything on this? Will this have any effect on Loews showing "Farenheit 9-11"? Were they showing it anyway? I have read articles about Hollywood being used to condition people to war and Administration friendly values..is this along those lines? Link Boston Group Led by Bain Capital Acquires Loews Cineplex for Just Under $2B By Naomi Grossman Last updated: June 23, 2004 01:49pm BOSTON-A corporation formed by Bain Capital, the Carlyle Group and Spectrum Equity Investors reached an agreement to acquire Loews Cineplex Entertainment Corp. and Grupo Cinemex from Onex Corp. and its partner, Oaktree Capital Management LLC for approximately $1.5 billion. The Toronto-based Onex and Oaktree will retain the Loews interest in Cineplex Galaxy, which operates the Loews theater business in Canada as well as Galaxy Entertainment. Loews is the third largest movie theater chain in the industry, with over 200 theaters and 2,200 screens worldwide. The assets being acquired include Loews' operations in the US, Grupo Cinemex, and its 50% interests in Megabox Cineplex of Korea and Yelmo Cineplex of Spain. "Loews Cineplex has been an excellent investment for Onex," says Anthony Munk, a managing director of Onex, which acquired the company out of bankruptcy. "Since acquiring it we have built it into a leading exhibitor." As part of the transformation of Loews, the company completed three acquisitions in the US, Mexico and Korea. They also merged Loews' Canadian assets with Galaxy Entertainment as part of an income trust public offering. John Connaughton, a managing director at Bain Capital, notes that the chain has a high quality circuit that is focused in the top 10 US markets and key international locations. "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," he adds. "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. Bain Capital is a locally based global private investment firm with more than $20 billion in assets under management. The Carlyle Group is a private equity firm with more than $18 billion under management. Spectrum Equity Investors is a locally based private equity firm with over $3 billion under management. This past March, Madison Dearborn Partners Inc. acquired Cinemark Inc., another leading motion picture exhibitor, for $1.5 billion.