With financing in place and digital conversion at major exhibs under way, Digital Cinema Implementation Partners CEO Travis Reid is setting up shop as CEO of theatrical advertising firm Screenvision.
Reid’s transition was announced Thursday as part of a finalized purchase agreement involving Screenvision and shareholders Shamrock Growth Fund, Technicolor and Carmike Cinemas.
At Screenvision, Reid will continue to work with exhibs, developing alternative programming and in-theater advertising.
“The in-theater advertising industry is one of the few advertising media that grew over the last two years,” Reid said. “So there’s obviously a tailwind and Screenvision is well-positioned to participate in that growth spurt.”
Reid previously helped negotiate funding for DCIP’s digital rollout, a necessity for 3D conversion, securing $660 million.
Through his efforts, DCIP, a consortium of the nation’s three largest chains AMC, Cinemark and Regal Entertainment, has deployed more than 4,000 digital projection systems, with plans to digitize more than 15,000 screens in North America.
DCIP chief operating officer Rich Manzione will take over as interim CEO once Reid’s resignation takes effect on Oct. 22.
“Travis and our team have brought the organization to a great place and I look forward to continuing our exciting work at DCIP,” Manzione said in a statement. “I am confident that our strong management team will ensure a seamless transition and continued success with our digital cinema rollout.”
In separate news, Carmike Cinemas finalized its exclusive 30-year exhibition agreement with Screenvision, which Reid will now head. Carmike gained 20% interest in Screenvision, along with minority shareholder Technicolor and Shamrock, which now owns half of Screenvision’s shares.