AMC Agrees to Buy Carmike Cinemas for a Blockbuster $1.1 Billion

AMC Entertainment Holdings Inc. on Thursday unveiled an agreed $1.1 billion cash-and-debt offer that will make it the country's biggest movie theater operator by buying Carmike Cinemas Inc,. as consolidation among movie theaters continues. After the close of trading, Leawood, Kan.-based AMC said it would pay $30 cash per Carmike share, a 19.5% premium to the target's Thursday close and valuing it at $737.9 million. The agreement would give the combined company 679 theaters with a total 9,459 screens, projecting it past No. 1 cinema company Regal Entertainment Group, according to the National Association of Theater Owners' latest statistics. Knoxville, Tenn.-based Regal has 565 locations with 7,285 screens. AMC is spearheading a consolidation of not just cinemas but also key corners of the American film industry with the help of Chinese owner, Dailan Wanda Group.