National Amusements

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National Amusements, Inc.
Type Private
Industry Entertainment - Movie theaters
Founded Dedham, Massachusetts (1936 (1936))
Founder(s) Michael Redstone
Headquarters Norwood, Massachusetts, United States
Area served Nationwide
Key people Sumner Redstone, Chairman and CEO
Shari Redstone, President
Parent Independent (1936-1992, 1997-present)
Crédit Lyonnais (1992-1997)
Divisions Showcase Cinemas
Cinema de Lux
Multiplex Cinemas
KinoStar
Subsidiaries Viacom
CBS Corporation
(through supervoting shares)
Website www.showcasecinemas.com

National Amusements, Inc. is an American privately owned theater company based in Dedham, Massachusetts, United States. The company was founded in 1936 as the Northeast Theatre Corporation by Michael Redstone.

National Amusements is now owned by Michael Redstone's son, Sumner Redstone, who holds 80% of the company, and Sumner's daughter, Shari Redstone, who owns the remaining 20%. Through National Amusements, the Redstones control both the CBS Corporation (owner of CBS) and Viacom (owner of Paramount Pictures) through supervoting shares.[1]

The City Center 15 Cinema De Lux in White Plains, New York's City Center includes a waiting area with a TV, newspaper rack and sofas (left), a piano (center), and a bar and grill restaurant (not pictured).
The company operates more than 1,500 movie screens across the United States, the United Kingdom, Latin America, and Russia under its Showcase Cinemas, Multiplex Cinemas, Cinema de Lux, and KinoStar brands.

National Amusements is equal partners in MovieTickets.com.

National Amusements' slogan, "Welcome to the Show", was coined by policy trailer producer Pike Productions, Inc., with which National Amusements had an exclusive contract until Filmack acquired Pike in late 2000s.

Financial troubles

At the end of 2008, Redstone financial troubles started when billionaire Sumner Redstone had to dump $400 million of nonvoting shares.[2]

It was released that National Amusement planned to sell $390 million of notes in another attempt to refinance a large part of the company's bank owed debt.[3]

Sale of theaters and subsidiary stock

In October 2009, the news was released that National Amusement would be selling almost $1 billion of stock they own in CBS and Viacom.[4] National Amusements has sold 35 theaters to Rave Motion Pictures.[5]

This change went into effect January 10, 2010, according to management in Toledo, Ohio.[citation needed]

Main competitors

References

  1. ↑ Greg Griffin (2007-02-06). "Redstones settle feud over family business". The Denver Post. 
  2. ↑ James, Meg (October 11, 2008). "Redstone hit by credit troubles". LA Times. Retrieved 2013-01-20. 
  3. ↑ Korby, Boris; Maheshwari, Sapna (November 23, 2010). "National Amusements Plans to Sell $390 Million of Notes to Refinance Debt". Bloomberg. Retrieved 2013-01-20. 
  4. ↑ Edward B. Colby (2009-10-14). "National Amusements Inc. to sell nearly $1B of its Viacom, CBS stock". The Daily News Transcript. 
  5. ↑ Nikki Finke (2009-12-07). "Rave To Acquire 35 Of Redstone’s National Amusements Theater Complexes". 

External links

Wikimedia Commons has media related to National Amusements.
Major cinema chains in the United States
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