Carmike buys Fort Wayne's Rave, 15 other theaters

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Carmike Cinemas Inc. of Columbus, Ga., has agreed to purchase 16 entertainment complexes, including the 18-screen complex at Jefferson Pointe in Fort Wayne, from Rave Reviews Cinemas of Dallas, Carmike announced today.

The price for the 251 screens was $19 million in cash, subject to working-capital adjustments, and $100.4 million of assumed lease obligations, Carmike said in a statement.

Rave employees at the locations would be hired by Carmike, the statement said.

The deal "is a key, opportunistic development for Carmike," said David Passman, Carmike's president and chief executive officer.

The company wants to expand to 300 theaters and 3,000 screens, Passman said in the statement. As of June 30, it had 233 theaters with 2,245 screens in 35 states.

The Metropolis 18 complex in Indianapolis also is included in the deal, as well as theaters in Alabama, Florida, Illinois, Pennsylvania, Tennessee and Texas, Carmike said.