Regal loop growing by 78 screens
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Knoxville, Tenn.-based Regal will add Capitol's 78 RC Theatres screens, complementing the 76 screens the company acquired in Virginia from Neighborhood Entertainment Inc. two years ago. The Capitol deal is expected to close by year's end.
"Combined with the ongoing construction of new internally developed theaters in Virginia, this purchase will also substantially expand Regal's presence in this market," Michael Campbell, Regal's chairman, prexy and chief exec said in a statement.
Earlier this year, Regal acquired 643-screen Cobb Theatres of Birmingham, Ala., for $200 million. Including the Cobb and Capitol deals, Regal has acquired 751 screens in 81 locations in 1997.
"The industry will continue to consolidate and Regal is a primary force in that trend," said Marina Kunis Jacobson, an analyst with Bear Stearns.
Regal's stock closed Thursday at $25.81, up 87¢ in NASDAQ trading.
