Carmike Cinemas Sees ‘Robust’ Acquisition Pipeline, CFO SaysAnousha Sakoui
Carmike Cinemas Inc., the fourth-largest U.S. theater operator, has a “robust” pipeline for acquisitions, Chief Financial Officer Richard Hare said.
“Our management team is busier today than it was two or three years ago in the M&A categories -- we are very active in it and it moves the needle for us,” Hare said today at the Gabelli & Co. Movie & Entertainment Conference in New York.
When asked if Carmike itself has held any talks about being acquired, Hare declined to comment but said the company’s board will evaluate “any and all opportunities to enhance shareholder value.”
Screenvision, a supplier of advertising in movie theaters, was bought last month by National CineMedia Inc. for $375 million in cash and stock. Carmike owns a 19 percent interest in Screenvision.
The deal could “have implications for Carmike’s attractiveness as an acquisition partner” for other chains including Regal Entertainment Group, AMC Entertainment Holdings Inc. and Cinemark Holdings Inc., James Goss, an analyst at Barrington Research Associates, said last month.