Bow Tie Cinemas to Acquire Clearview Cinemas from Cablevision
Bow Tie to become eighth largest motion picture exhibitor in the U.S. with the
largest number of theater locations in the New York metropolitan area
Chelsea Cinemas to become flagship Bow Tie theater in Manhattan
RIDGEFIELD, Conn. & BETHPAGE, N.Y. -- April 29, 2013
Bow Tie Cinemas and Cablevision Systems Corporation (NYSE: CVC) today
announced that they have entered into a definitive agreement under which Bow
Tie will acquire substantially all of the Clearview Cinemas theaters from
Cablevision. Following the acquisition, Bow Tie Cinemas will become the eighth
largest theater circuit in the United States with 388 screens in 63 locations
in seven states. The company will have the largest number of theater locations
in the New York metropolitan area upon closing the acquisition. Financial
terms of the transaction were not disclosed.
Founded by B.S. Moss over 100 years ago, Bow Tie Cinemas is a four generation,
family-owned business and the oldest cinema company in the United States. The
company currently owns and operates 22 movie theaters with 177 screens in
Colorado, Connecticut, Maryland, New York and Virginia, including two
locations scheduled to open this summer in downtown Saratoga Springs and
Wilton, New York. Bow Tie is led by Charles B. Moss, Jr., and Ben Moss, the
third and fourth generations of the Moss family, respectively.
“This is a transformational acquisition for Bow Tie Cinemas and an exciting
new chapter in our company’s rich history,” said Ben Moss, CEO of Bow Tie
Cinemas. “Going to the movies is a tradition deeply rooted in the local
community. Bow Tie makes long-term commitments in the communities where we own
theaters by building local partnerships, employing local people and engaging
with our patrons. Our mission is to return style and elegance to the
movie-going experience™, and we look forward to applying the same approach at
our newly acquired locations.”
Bow Tie will acquire 41 Clearview Cinemas movie theaters, including Chelsea
Cinemas, which will become its Manhattan flagship. Bow Tie will continue to
operate Chelsea Cinemas as a prime venue for iconic industry events such as
the Tribeca Film Festival, the New York International Latino Film Festival and
the Asian American International Film Festival, for community programming, as
well as for world premiere screenings. Bow Tie also intends to further develop
the relationships between Chelsea Cinemas and the local community. The
Ziegfeld Theatre in New York City will not be acquired by Bow Tie but the
company will manage the Theatre on Cablevision’s behalf.
Following the close of the transaction, Bow Tie intends to make a substantial
investment in the newly acquired Clearview theaters, including Chelsea
Cinemas, to fund key upgrades that are designed to enhance the movie-going
experience for customers, including: digital projection and 3D installations,
concession stand upgrades, decorative improvements, and point of sale
technology that will allow Bow Tie to enhance its customer loyalty programs.
The transaction is subject to customary closing conditions and is expected to
close in the coming months.
Williams Mullen acted as legal advisor to Bow Tie Cinemas and Anchin, Block &
Anchin acted as financial advisor.
Citi acted as financial advisor to Cablevision and Hughes Hubbard & Reed LLP
acted as legal advisor.
About Bow Tie Cinemas
Bow Tie Cinemas is a four generation family-owned entertainment business
founded over a century ago by motion picture industry pioneer B.S. Moss. The
company’s mission is to return style and elegance to the movie-going
experience™. Bow Tie’s storied history has spanned the eras of the
Nickelodeon, Vaudeville and the birth of the motion picture theater. Today Bow
Tie is the oldest cinema company in the United States and currently owns and
operates 22 movie theaters with 177 screens in five states. The company
provides long-term investments to the communities it serves and is dedicated
to offering the best possible presentation and service to its patrons. For
more information, visit www.bowtiecinemas.com.
About Cablevision Systems Corporation
Cablevision Systems Corporation is one of the nation's leading media and
telecommunications companies. In addition to delivering its Optimum-branded
cable, Internet, and voice offerings throughout the New York area, the company
owns and operates cable systems serving homes in four Western states.
Cablevision’s local media properties include News 12 Networks, MSG Varsity and
Newsday Media Group. Cablevision also owns and operates Clearview Cinemas.
Additional information about Cablevision is available on the Web at
Cautionary Statement Regarding Forward-Looking Statements
This release may contain statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that any such forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties, and that actual results or developments may differ materially
from those in the forward-looking statements as a result of various factors,
including financial community and rating agency perceptions of the company and
its business, operations, financial condition and the industries in which it
operates and the factors described in the company’s filings with the
Securities and Exchange Commission, including the sections entitled "Risk
Factors" and "Management’s Discussion and Analysis of Financial Condition and
Results of Operations" contained therein. The company disclaims any obligation
to update any forward-looking statements contained herein.
For Bow Tie Cinemas
Gemma Hart / Christopher Beattie
Kelly McAndrew, 516-803-2351
Bret Richter, 516-803-2270
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