Newspaper article THE JOURNAL RECORD

$200 Million Sale of AMC Theaters to Tpi Slated

Newspaper article THE JOURNAL RECORD

$200 Million Sale of AMC Theaters to Tpi Slated

Article excerpt

KANSAS CITY, Mo. - About 40 percent of AMC Entertainment Inc. movie screens will be sold to New York-based TPI Enterprises Inc. for about $200 million, AMC has announced.

None of AMC's three Oklahoma City metropolitan area theaters are involved in the sale, according to Steven Zell, AMC's senior vice president of finance.

Zell would not say where the 605 screens were, but he said they were in 90 theaters mostly in the Southeast. All the theaters are in buildings for which AMC has long-term leases, he said.

The Kansas City movie theater chain, which owns almost 25 percent of TPI's stock, will manage the theaters that are sold. The theaters also are expected to retain the AMC name, and AMC would retain its ability to negotiate films for all of the screens.

The AMC sale, which involves 605 of AMC's 1,549 screens, is not expected to affect the company's estimated 7,800 employees.

TPI operates a paging and mobile telephone business in Puerto Rico and recently acquired Shoney's South Inc. …

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