CHICAGO |The nation's sixth-largest movie house chain, Kerasotes Showplace Theatres, says it has reached agreement to sell most of its 96 theaters to AMC Entertainment Inc. of Kansas City.
The companies indicated Tuesday they expect to complete the sale this summer.
Kerasotes, which began with a single nickelodeon in Springfield, Ill., in 1909, now has theaters in Illinois, Indiana, Iowa, Missouri, Wisconsin, Ohio, Minnesota, Colorado, California, and New Jersey for a total of 973 screens. Northwest Indiana Kerasotes theaters are in Schererville, Merrillville, Hobart and Michigan City. AMC operates theaters in Chicago and its south suburbs, but none in Northwest Indiana.
Kerasotes CEO Tony Kerasotes said Tuesday he and brother, Dean, would continue to own and operate new ICON concept theaters in Chicago's South Loop and Minneapolis, as well as one theater in Secaucus, N.J.
AMC, the nation's second-largest theater chain, has more than 305 theaters and 4,574 screens in five countries.
Terms of the deal, which is subject to regulatory review, were not revealed. An AMC spokesman declined to release further information.