As Paramount Chases $111-billion Warner Bros. Acquisition, David Ellison Sheds His Theater Chain

The Ellison family-controlled Harbor Lights Entertainment has sold its Showcase Cinemas theatre concatenation to a awesome European cinema group successful a $30 cardinal deal.

Belgium-based Kinepolis will soon run 13 cinemas crossed nan United States. Seven are successful Massachusetts, 4 successful New York, 1 successful Ohio and 1 successful Rhode Island.

David Ellison, who is now successful complaint of Paramount Skydance, acquired National Amusements past twelvemonth from nan Redstone family. He renamed nan institution Harbor Lights. National Amusements was nan commencement of Redstone’s media empire, which astatine 1 constituent included nan power of CBS, Paramount and Viacom.

Paramount is successful nan process of acquiring Warner Bros. Discovery successful a $111 cardinal deal. Under nan proposal, Ellison has said nan 2 studios will merchandise 30 films per year. But he and his squad would besides person to make $6 cardinal successful cuts and return on $79 cardinal successful woody debt.

The woody is awaiting regulatory approval, but officials successful respective authorities states precocious announced plans to effort to artifact nan merger. The imaginable suit would activity to situation nan projected merger connected antitrust grounds, arguing it would lessen competition, little wages and lead to wide occupation losses.

With nan waste of nan theaters, Kinepolis will adhd 164 screens to its portfolio. The company, was formed successful 1997 and presently operates 63 cinemas successful Europe and astir 60 theaters successful nan U.S. and Canada.

The recently acquired theaters welcomed astir 4 cardinal visitors and generated complete $90 cardinal successful gross past year.

“This acquisition allows america to grow our marketplace position successful nan US from Michigan to nan East Coast pinch an plus and a squad that alteration america to instrumentality Kinepolis’ operational exemplary and firm strategy, yet enhancing nan acquisition for moviegoers successful these markets,” Eddy Duquenne, Kinepolis’s main executive, said successful a statement.

The institution said Showcase Cinemas will clasp its name. It expects nan acquisition to beryllium complete by nan extremity of nan summer.

Times staff writer Wendy Lee contributed to this report.