Posted: Tue., Dec. 8, 2009, 4:30pm PT

Redstone unloads theaters

Deal likely to include Bridge Theater in Los Angeles

By Pamela McClintock

Sumner Redstone's family-run biz National Amusements is set to sell 35 of its theaters to upscale exhib Rave Motion Pictures in a deal likely to include the Bridge Theater in Los Angeles.

Privately held Rave, based in Dallas, will more than double its stable of theaters from 30 to 65. The all-digital exhib currently operates 475 screens in 14 states.

Sale, expected to be finalized within a few weeks, will put Rave at around No. 5 or 6 on the list of the country's largest circuits. Many of the 35 theaters will likely be Midwest locations, an insider said.

Redstone needs the sale to further reduce National Amusements' debt. In October, it sold nearly $1 billion in CBS and Viacom stock. Exhib will retain more than 40 theaters, including all locations in New York and Massachusetts.