National Amusements
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| Type | Private |
|---|---|
| Industry | Entertainment - Theaters |
| Founded | Dedham, Massachusetts (1936) |
| Founder(s) | Michael Redstone |
| Headquarters | Norwood, Massachusetts, United States |
| Area served | Nationwide |
| Key people | Sumner Redstone, Chairman and CEO Shari Redstone, President |
| Divisions | Showcase Cinemas Cinema de Lux Multiplex Cinemas KinoStar |
| Subsidiaries | Viacom CBS Corporation |
| Website | www.national-amusements.com |
National Amusements, Inc. is a privately owned theater company based in Dedham, Massachusetts, USA. The company was founded in 1936 as the Northeast Theatre Corporation by Michael Redstone.
National Amusements is now owned by Michael Redstone's son, Sumner Redstone, who holds 80% of the company, and Sumner's daughter, Shari Redstone, who owns the remaining 20%. Through National Amusements, the Redstones control both the CBS Corporation and Viacom through supervoting shares.[1]
The company operates more than 1,500 movie screens across the United States, the United Kingdom, Latin America, and Russia under its Showcase Cinemas, Multiplex Cinemas, Cinema de Lux, and KinoStar brands.
National Amusements is equal partners in MovieTickets.com.
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[edit] Financial troubles
At the end of 2008, Redstone financial troubles started when billionaire Sumner Redstone had to dump $400 million of nonvoting shares.[2]
It was released that National Amusement planned to sell $390 million of notes in another attempt to refinance a large part of the company's bank owed debt.[3]
[edit] Sale of theaters
In October 2009, the news was released that National Amusement would be selling almost $1 billion of stock they own in CBS and Viacom.[4] National Amusements has sold 35 theaters to Rave Motion Pictures.[5]
This change went into effect January 10, 2010 according to management in Toledo, OH.[citation needed]
[edit] Theaters sold to Rave
Theater locations included in the sale are:
| Name | City | State | Screens |
|---|---|---|---|
| The Bridge | Los Angeles, CA | CA | 18 |
| Cinema De Lux Buckland Hills 18 | Manchester, CT | CT | 18 |
| Cinema De Lux Connecticut Post 14 | Milford, CT | CT | 14 |
| Showcase North Haven 12 | North Haven, CT | CT | 12 |
| Enfield 12 | Enfield, CT | CT | 12 |
| Showcase Berlin 12 | Kensington, CT | CT | 12 |
| Showcase Southington 12 | Southington, CT | CT | 12 |
| Showcase Davenport 53 18 | Davenport, IA | IA | 18 |
| Cinema De Lux Stonybrook 20 + IMAX | Louisville, KY | KY | 20 |
| Cinema De Lux Preston Crossings 16 | Okolona, KY | KY | 16 |
| Cinema De Lux Florence 14 | Florence, KY | KY | 14 |
| Showcase Blackstone Valley 14 CDL | West Springfield, MA | MA | 14 |
| Showcase Seekonk Route 6 | Seekonk | MA | |
| Showcase Cinema de Lux Patriot Place | Foxboro, Massachusetts | MA | |
| Showcase West Springfield 15 | West Springfield, MA | MA | 15 |
| Showcase Eastfield Mall 16 | Springfield, MA | MA | 16 |
| Showcase Ann Arbor 20 | Ypsilanti, MI | MI | 20 |
| Showcase Flint West 14 | Flint, MI | MI | 14 |
| Showcase at the Ritz Center 16 | Voorhees, NJ | NJ | 16 |
| Multiplex Hazlet 12 | Hazlet, NJ | NJ | 12 |
| Cinema De Lux Franklin Park 16 | Toledo, OH | OH | 16 |
| Cinema De Lux The Greene 14 | Beavercreek, OH | OH | 14 |
| Showcase Milford 16 | Milford, OH | OH | 16 |
| Showcase Dayton South 16 | West Carrollton, OH | OH | 16 |
| Cinema De Lux Maumee 18 | Maumee, OH | OH | 18 |
| Showcase Huber Heights 16 | Huber Heights, OH | OH | 16 |
| Showcase Western Hills 14 | Cincinnati, OH | OH | 14 |
| Showcase Levis Commons 12 | Perrysburg, OH | OH | 12 |
| Showcase Kings Island 12 | Mason, OH | OH | 12 |
| Showcase Fallen Timbers 14 | Maumee, OH | OH | 14 |
| The Bridge 6 | Philadelphia, PA | PA | 6 |
| Showcase Pittsburgh North 11 | Pittsburgh, PA | PA | 11 |
| Showcase Pittsburgh West 12 | Pittsburgh, PA | PA | 12 |
| Cinema De Lux Fairfax Corner 14 | Fairfax, VA | VA | 14 |
| Multiplex Centreville 12 | Centreville, VA | VA | 12 |
| Multiplex Reston 13 | Reston, VA | VA | 13 |
[edit] Main competitors
National Amusements' majority owned subsidiaries, CBS Corporation and Viacom, also have significant competitors, including NBCUniversal, Time Warner, The Walt Disney Company and News Corporation.
[edit] Sources
- ^ "Redstones settle feud over family business" from The Denver Post, February 2007
- ^ James, Meg (October 11, 2008). "Redstone hit by credit troubles". LA Times. http://articles.latimes.com/2008/oct/11/business/fi-redstone11. Retrieved December 5, 2010.
- ^ "National Amusements Plans to Sell $390 Million of Notes to Refinance Debt". Bloomberg. http://www.bloomberg.com/news/2010-11-23/national-amusements-plans-notes-to-replace-credit-line-update1-.html. Retrieved December 5, 2010.
- ^ National Amusements Inc. to sell nearly $1B of its Viacom, CBS stock
- ^ Rave To Acquire 35 Of Redstone's National Amusements Theater Complexes
[edit] External links
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