WESTFIELD, N.J. & VISTA, Calif.– Digital Cinema Destinations Corp. (NasdaqCM: DCIN), a fast-growing motion picture exhibitor dedicated to transforming movie theaters into digital entertainment centers, together with its new joint venture partner, Start Media, LLC, today announced the closing of the purchase of seven theaters with an aggregate of 74 fully digital screens from UltraStar Cinemas.
The acquisition includes six theaters located in the Southern California/San Diego market and a seventh theater based near Phoenix, AZ. Digiplex now operates 16 theaters with 159 screens located in CA, PA, CT, NJ and AZ.
Digiplex Chairman and CEO Bud Mayo stated, “The strategic acquisition of UltraStar’s seven west coast-based theaters is an important milestone for Digiplex and is consistent with our goal to opportunistically expand the Company’s domestic theater circuit to approximately 100 theaters and 1,000 screens in leading DMAs. Importantly, this purchase nearly doubles our screen count and marks Digiplex’s entrée into two new markets in California and Arizona. We look forward to creating high-quality entertainment experiences and new interactive relationships with our customers as we quickly integrate these screens onto the growing Digiplex platform.
“As a final point, we believe there are further opportunities to build upon the growth Digiplex has achieved in the 2012 calendar year and together with our new joint venture partner Start Media, we will continue to opportunistically expand the Company’s operating base through accretive transactions that meet our financial return and asset quality requirements and where we can add incremental value through our unique alternative programming and marketing strategies.”
- Mergers, Acquisitions & Takeovers
- Arts & Entertainment
- movie theaters
- UltraStar Cinemas