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
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
Gemma Hart / Christopher
Kelly McAndrew, 516-803-2351