Three years after Rave Cinemas purchased nearly three dozen theatres from National Amusements Inc., including four in the Toledo area, the company is set to sell them off.
Cinemark, the nation's third largest theater chain, has agreed to purchase 32 theaters from Rave Cinemas at a purchase price of approximately $240 million. The purchase includes theaters at Westfield Franklin Park, Levis Commons, and the Shops at Fallen Timbers. Cinemark already owns theaters inside the Woodland Mall in Bowling Green, as well as in Tiffin and Sandusky.
In 2009, Rave purchased a majority of silver-screens in the Toledo-area. In 2010, the company sold the Maumee 18-screen Cinema de Lux, on Conant Street, to Calvary Assembly of God.
Rave's deal with Cinemark must pass closing conditions and antitrust approval from the Department of Justice of Federal Trade Commission.
There is no word on how many employees will be affected by the deal.