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Cinemark Selling Mexican Theaters to Cinemex

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On Friday, movie-theater operator Cinemark Holdings (NYSE: CNK  ) announced that it has agreed to sell its Cinemark de Mexico subsidiary to Grupo Cinemex and Cadena Mexicana de Exhibicion.

The 31 theaters and 290 screens being sold brought Cinemark $73.7 million in revenues over the past 12 months, and $7.9 million in net income. As such, it represents about 6.7% of Cinemark's total theater count, and 11.3% of its screen count. However, in terms of revenue, the Mexican operation was not performing up to snuff. Revenues from Cinemark's Mexican subsidiary accounted for only 3.1% of the company's total trailing-12-month revenues, and 5% of net profit.

Cinemark did not disclose how much it will collect for sale of the subsidiary.

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9/26/2016 4:02 PM
CNK $37.96 Down -0.58 -1.50%
Cinemark Holdings CAPS Rating: *****