With a history that spans use of the nickelodeon, Vaudeville, and the creation of the motion picture theater, Bow Tie Cinemas was handed the velvet rope to 41 Clearview Cinemas yesterday, making it the eighth-biggest theater operator in the country.
Both Bow Tie and Cablevision (UNKNOWN: CVC.DL ) , which owned the Clearview chain, announced yesterday they had completed the transfer of ownership of the theaters, which was first announced in April, though financial terms for the transaction were not disclosed. As the oldest cinema company in the U.S., Bow Tie says it now has the largest number of theater locations in the New York metropolitan area, and operates 63 movie theaters with 388 screens in seven states.
Bow Tie said in April it planned to " make a substantial investment in the newly acquired Clearview theaters," including Chelsea Cinemas, which will become its Manhattan flagship.
Cablevision bought the Clearview chain in 1998 and tried to sell it in 2003 but couldn't obtain a satisfactory price for it. At the time Forbes estimated its value to be about $135 million. It put it back on the market again last year.
Williams Mullen acted as legal advisor to Bow Tie Cinemas and Anchin, Block & Anchin acted as financial advisor. Citigroup acted as financial advisor to Cablevision and Hughes Hubbard & Reed LLP acted as legal advisor.