Rave Motion Pictures
Rave Cinemas' Valley Bend 18 in Huntsville, Alabama
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Private (1999–2013) Brand (2013–present) |
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| Industry | Entertainment—Theaters |
| Founded |
Dallas, Texas, USA 1999 |
| Founder | Thomas W. Stevenson, Jr. |
| Headquarters | Dallas, Texas, USA |
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Key people
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Rolando B. Rodriguez, President & CEO Peter A. Nelson, Executive Vice President & COO Arthur Starrs III, Executive Vice President & CFO |
| Parent | Cinemark Theatres |
| Subsidiaries | Rave Cinemas |
Rave Cinemas, formerly known as "Rave Motion Pictures", is a movie theater brand founded in 1999 and owned by Cinemark Theatres. It previously was headed by Thomas W. Stephenson, Jr., former CEO of Hollywood Theaters, and Rolando B. Rodriguez, former Vice President and Regional General Manager for Walmart in Illinois and northern Indiana. The chain was headquartered in Dallas, Texas until it was acquired by Plano-based Cinemark Theatres.
Rave Cinemas, LLC was formed in late 2009 by TowerBrook Capital Partners and investors Lambert Media Group and Charles B Moss, Jr. Rave Cinemas then acquired four properties, corporate infrastructure and leadership, and the Rave Motion Pictures brand from Boston Ventures owned Rave Reviews Cinemas, LLC (RRC). RRC continues to own 21 other properties which will operate under the "Rave Motion Pictures" branding under a management services agreement with Rave Cinemas, LLC. Concurrently with the RRC acquisition, Rave Cinemas, LLC, purchased the business operations and real estate of 35 properties owned by National Amusements, Inc. (NAI), parent company of Viacom and CBS Corporation. The former NAI assets were rebranded "Rave Motions Pictures" in the second quarter of 2010.
In October 2012, Rave Reviews Cinemas, LLC, signed an agreement to sell 16 theaters with 251 screens to Carmike Cinemas for $19 million in cash and $100.4 million of assumed lease obligations. Of the 16 theaters being acquired, six are in Alabama, four in Florida, two in Indiana, and one each in Illinois, New Jersey, Pennsylvania, Tennessee and Texas. Before the sale Rave owned or managed 62 theaters and 939 screens located in 21 states across the country.
In November 2012, Cinemark entered into an agreement to purchase 32 Rave Cinema locations for $240 million. The sale is subject to antitrust approval. Only two locations were to remain under the Rave Cinemas umbrella after the Cinemark sale was completed, however there was much speculation within the industry that these remaining two locations will either be sold or shuttered.
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Wikipedia