Cinemark To Acquire 32 Theatres From Rave Cinemas

Cinemark USA, Inc., a wholly-owned subsidiary of Cinemark Holdings, Inc. (“Cinemark”) (NYSE: CNK), one of the largest motion picture exhibitors in the world, and Rave Real Property Holdco, LLC, an affiliate of Rave Cinemas (“Rave”), today announced that they have entered into an asset purchase agreement pursuant to which Cinemark will acquire substantially all of the assets of Rave, primarily consisting of 32 theatres located in 12 states, representing 483 screens, for a purchase price of approximately $240 million. The purchase price, the amount of which is subject to certain closing date adjustments, will consist of cash consideration and the assumption of certain liabilities.

“The acquisition of these high quality assets will further enhance Cinemark’s diversified domestic footprint, including the expansion of our presence in the New England market,” stated Tim Warner, Cinemark’s Chief Executive Officer.

All 483 screens to be acquired are fully digital and 37% of the screens are 3D capable. The assets to be acquired also include 7 IMAX screens and 9 premium large format auditoriums. Below is a summary of certain estimated unaudited historical financial data (in millions) for the 32 theatres being purchased for the trailing twelve-month period ended September 27, 2012:

Revenues		$	228.9
Adjusted EBITDA (1)		$	41.7
Attendance (patrons)			18.8
(1) See below for reconciliation of net income to Adjusted EBITDA

“We are excited about the opportunity to bring these two great companies together. Rave associates and field partners have worked hard to build a top-notch circuit, and Cinemark is well known as one of the best in the business,” said Rolando Rodriguez, President and CEO of Rave Cinemas. “I am confident that under Cinemark's leadership, Rave’s exceptional quality and customer service will be taken to an even higher level.”

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