Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Cablevision Systems Corporation    CVC

Delayed Quote. Delayed  - 06/20 10:02:43 pm
34.87 USD   -0.03%
07/07 CABLEVISION SYS : The Dolan family is taking back Newsday paper
06/29 CABLEVISION SYS : Days are numbered for Freewheel, report claims
06/28 CABLEVISION SYS : Altice Leaps Into Cable Fray
SummaryQuotesChartsNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsSector news 

Cablevision Systems Corporation : Bow Tie Cinemas to Acquire Clearview Cinemas from Cablevision

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/29/2013 | 10:35pm CEST

Bow Tie to become eighth largest motion picture exhibitor in the U.S. with the largest number of theater locations in the New York metropolitan area

Chelsea Cinemas to become flagship Bow Tie theater in Manhattan

Bow Tie Cinemas and Cablevision Systems Corporation (NYSE: CVC) today announced that they have entered into a definitive agreement under which Bow Tie will acquire substantially all of the Clearview Cinemas theaters from Cablevision. Following the acquisition, Bow Tie Cinemas will become the eighth largest theater circuit in the United States with 388 screens in 63 locations in seven states. The company will have the largest number of theater locations in the New York metropolitan area upon closing the acquisition. Financial terms of the transaction were not disclosed.

Founded by B.S. Moss over 100 years ago, Bow Tie Cinemas is a four generation, family-owned business and the oldest cinema company in the United States. The company currently owns and operates 22 movie theaters with 177 screens in Colorado, Connecticut, Maryland, New York and Virginia, including two locations scheduled to open this summer in downtown Saratoga Springs and Wilton, New York. Bow Tie is led by Charles B. Moss, Jr., and Ben Moss, the third and fourth generations of the Moss family, respectively.

"This is a transformational acquisition for Bow Tie Cinemas and an exciting new chapter in our company's rich history," said Ben Moss, CEO of Bow Tie Cinemas. "Going to the movies is a tradition deeply rooted in the local community. Bow Tie makes long-term commitments in the communities where we own theaters by building local partnerships, employing local people and engaging with our patrons. Our mission is to return style and elegance to the movie-going experience?, and we look forward to applying the same approach at our newly acquired locations."

Bow Tie will acquire 41 Clearview Cinemas movie theaters, including Chelsea Cinemas, which will become its Manhattan flagship. Bow Tie will continue to operate Chelsea Cinemas as a prime venue for iconic industry events such as the Tribeca Film Festival, the New York International Latino Film Festival and the Asian American International Film Festival, for community programming, as well as for world premiere screenings. Bow Tie also intends to further develop the relationships between Chelsea Cinemas and the local community. The Ziegfeld Theatre in New York City will not be acquired by Bow Tie but the company will manage the Theatre on Cablevision's behalf.

Following the close of the transaction, Bow Tie intends to make a substantial investment in the newly acquired Clearview theaters, including Chelsea Cinemas, to fund key upgrades that are designed to enhance the movie-going experience for customers, including: digital projection and 3D installations, concession stand upgrades, decorative improvements, and point of sale technology that will allow Bow Tie to enhance its customer loyalty programs.

The transaction is subject to customary closing conditions and is expected to close in the coming months.

Williams Mullen acted as legal advisor to Bow Tie Cinemas and Anchin, Block & Anchin acted as financial advisor.

Citi acted as financial advisor to Cablevision and Hughes Hubbard & Reed LLP acted as legal advisor.

About Bow Tie Cinemas

Bow Tie Cinemas is a four generation family-owned entertainment business founded over a century ago by motion picture industry pioneer B.S. Moss. The company's mission is to return style and elegance to the movie-going experience?. Bow Tie's storied history has spanned the eras of the Nickelodeon, Vaudeville and the birth of the motion picture theater. Today Bow Tie is the oldest cinema company in the United States and currently owns and operates 22 movie theaters with 177 screens in five states. The company provides long-term investments to the communities it serves and is dedicated to offering the best possible presentation and service to its patrons. For more information, visit www.bowtiecinemas.com.

About Cablevision Systems Corporation

Cablevision Systems Corporation is one of the nation's leading media and telecommunications companies. In addition to delivering its Optimum-branded cable, Internet, and voice offerings throughout the New York area, the company owns and operates cable systems serving homes in four Western states. Cablevision's local media properties include News 12 Networks, MSG Varsity and Newsday Media Group. Cablevision also owns and operates Clearview Cinemas. Additional information about Cablevision is available on the Web at www.cablevision.com.

Cautionary Statement Regarding Forward-Looking Statements

This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industries in which it operates and the factors described in the company's filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The company disclaims any obligation to update any forward-looking statements contained herein.

For Bow Tie Cinemas
Media:
Gemma Hart / Christopher Beattie
212-333-3810
ghart@brunswickgroup.com
cbeattie@brunswickgroup.com
or
For Cablevision
Media:
Kelly McAndrew, 516-803-2351
kmcandre@cablevision.com
or
Analysts:
Bret Richter, 516-803-2270
brichter@cablevision.com


© Business Wire 2013
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CABLEVISION SYSTEMS CORPOR
07/07 CABLEVISION SYSTEMS : The Dolan family is taking back Newsday paper
06/29 CABLEVISION SYSTEMS : Days are numbered for Freewheel, report claims
06/28 CABLEVISION SYSTEMS : Altice Leaps Into Cable Fray
06/22 CABLEVISION SYSTEMS : Altice confirms completion of Cablevision deal
06/22 ALTICE : completes Cablevision acquisition, appoints Dexter Goei as CEO of U.S. ..
06/21 CABLEVISION SYSTEMS CORP /NY : Entry into a Material Definitive Agreement, Compl..
06/21 CABLEVISION SYSTEMS : Altice takes over Cablevision; who are they?
06/21DJALTICE A : Closes Buy of Cablevision
06/21 ALTICE NV : Altice Completes Acquisition of Cablevision Systems Corporation
06/21 ALTICE : Completes Its Takeover of Cablevision
More news
Sector news : Cable Service Providers
07/22DJDISH NETWORK : Subscriber Losses Outweigh Profit at Dish -- WSJ
07/22DJSIRIUS XM : Big Sirius XM Holder Made Play for Pandora -- WSJ
07/22 AT&T adjusted profit meets estimates, TV subscribers drop
07/21DJCOMCAST : to Offer Pay-as-You-Go TV, Internet Service With No Credit Checks
07/21DJPANDORA MEDIA : Shares Slide on Lower Guidance
More sector news : Cable Service Providers
News from SeekingAlpha
07/14 FCC refraining from new programming-dispute rules for now
07/13 FCC swing vote agrees set-top box regulation is 'flawed'
07/07 Cablevision's Dolans retaking control of Newsday
06/28 With Cablevision deal done, Altice beings planning cuts
06/21 Fortune Brands to move up to S&P 500
Advertisement
Chart CABLEVISION SYSTEMS CORPOR
Duration : Period :
Cablevision Systems Corpor Technical Analysis Chart | CVC | US12686C1099 | 4-Traders
Full-screen chart
Income Statement Evolution
More Financials
Managers
NameTitle
Dexter G. Goei President, Chief Executive Officer & Director
Abdelhakim Boubazine Chief Operating Officer, Director & Vice President
Charles F. Stewart Chief Financial Officer, Director, VP & Treasurer
David E. Dibble Chief Technology Officer
Lisa Rosenblum Secretary, Director & General Counsel
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CABLEVISION SYSTEMS CO..9.31%0
LIBERTY GLOBAL LILAC-12.33%35 751
LIBERTY GLOBAL PLC-25.97%35 751
DISH NETWORK CORP-6.47%24 861
LIBERTY BROADBAND CORP22.30%6 546
AMC NETWORKS INC-24.65%4 089
More Results