The Rave movie theater on Carpenter Road is among 32 theaters acquired by Cinemark Holdings Inc. after a $240 million deal was finalized in May.
The Toledo Blade reports Texas-based Cinemark Holdings Inc. completed its purchase of the Texas-based Rave Cinemas chain after the Department of Justice reviewed the case for potential anti-trust issues. The deal included 32 theaters in 12 states, including the Pittsfield Township theater and a location in Flint.
Cinemark Holdings acquired the Rave Cinemas chain, including the theater on Carpenter Road.
Photo by: inazakira (flickr)
Rave Cinemas purchased the Pittsfield Township theater, formerly a Showcase Cinemas, in 2009. The property at 4100 Carpenter Road has a 2013 assessed value of $8,959,800, township records show.
According to Toledo Blade, Cinemark is evaluating if changes need to be made at the newly acquired theater complexes, including whether to replace the Rave brand with Cinemark.
Founded in 1984, Cinemark operates 496 theaters in 14 countries. The company was valued at about $3.1 billion based on a Friday stock price of $27.19.
Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.