You will be redirected back to your article in seconds

Resort buys Metro hardtops

Theater chain reaches desert

Resort Theaters of America, the newly formed cinema chain headed by Brad Krevoy and Ron Leslie, has acquired all of the Metropolitan Theater Corp.’s Palm Springs area complexes, including four sites under development, totaling 85 screens.

As part of the deal, which sources said was worth approximately $20 million, Metropolitan receives an ownership stake in RTA, and will continue to play a prominent role in the operation of the desert theaters.

“This acquisition is right on target with our plan to develop state-of-the-art theaters in premier resort areas throughout America,” said Krevoy, RTA chairman.

Metropolitan president Bruce Corwin will serve on the RTA board of directors and his son David Corwin will serve as senior VP of operations and development.

Metropolitan senior execs including head film buyer Mike Doban, Bill Hughes, Alan Stokes, Joan Anderson and Fatima Dhalla will divide their time between Metropolitan and RTA, which will be headquartered at Metropolitan’s Los Angeles offices.

“This was really a great fit for us,” said Bruce Corwin. “We could sell, we could be a partner and we could keep our team in place.”

Blooming in desert

The deal gives RTA five existing desert-area theaters, comprising 45 screens: the Palm Springs Courtyard 10, the Palm Desert Town Center 10, the Cinema 3 in Palm Desert, the Metro 8 in Indio and the Metro 12 in San Jacinto.

Four stadium-seating projects in various stages of development will add an additional 40 screens: the Rancho 16 in Rancho Mirage, the La Quinta 8, the Desert Fashion Plaza 12 in Palm Springs and an 4 screen expansion and upgrade of the Palm Desert TownCenter Cinema.

Metropolitan will continue to own and operate 52 screens, including its Santa Barbara sites and Spanish-language houses in Southern California. The circuit continues to grow with a 10-plex in Calexico due to open later this month, and an 8-plex in Goleta set for a Thanksgiving debut.

Colorado partner

Metropolitan continues its partnership with Trans-Lux Theatres in Colorado.

Formed in 1998, RTA, is backed by New York investment group Crown Capital, Richland Gordon & Co. and Swedish media conglom Svensk Filmindustry.

It’s headed by Krevoy; Leslie, president and CEO; Peter Fornstam, head of international operations; and Richard Lawrence, exec VP and general counsel.

Last month, the company announced plans to build a five-plex in Aspen, Colorado.

More Biz

  • Sony Music to Deliver ‘Real Time’

    Sony Music to Deliver ‘Real Time’ Data, Royalty Payments to Artists

    Sony Music today announced two new payment features for its artists — “Real Time Royalties” and “Cash Out” — through its artist portal beginning this fall. 

A memo sent to artists Monday morning and obtained by Variety says  the initiatives will “allow our artists and royalty participants to view and withdraw earnings faster than ever [...]

  • Whitney Houston

    Whitney Houston Estate Plans Hologram Tour, Album, Musical

    In the seven years since Whitney Houston’s death, there has been relatively little of the asset-exploitation that usually follows the passing of a music icon, apart from a smattering of previously unreleased recordings, a pair of harrowing documentaries and a lot of unflattering press. But according to an article in the New York Times, the [...]

  • rocketman-elton-john-costume

    Elton John Biopic 'Rocketman' Taps Lucky Brand Collaboration as Part of Promo Push

    Paramount has set a May 28 release date for its Elton John-inspired clothing collection with retailer Lucky Brand, which celebrates the performer’s iconic style and new biopic, “Rocketman” (see tickets and showtimes here). The limited-edition collaboration arrives in stores three days before the film hits theaters, though it’s available for purchase right now on LuckyBrand.com. [...]

  • Huawei Restricted From Using Google's Android

    Huawei Restricted From Using Google's Android as U.S.-China Tensions Mount

    Google has prevented controversial Chinese tech firm Huawei from accessing the latest versions of the Android mobile phone operating system. The move follows U.S. government attempts to blacklist the Chinese firm. “We are complying with the order and reviewing the implications,” Google sources told news agencies Sunday. “Huawei will only be able to use the [...]

  • ‘Hitsville: The Making of Motown’ Acquired

    ‘Hitsville: The Making of Motown’ Acquired by Showtime for U.S.

    Polygram Entertainment, Universal Music Group’s film and television division, along with Capitol Music Group, Motown Records and Fulwell 73 announced today that “Hitville: The Making of Motown” has been acquired by Showtime for release in North America with plans for a fall premiere, and Altitude for theatrical release in the UK and Ireland. The feature-length [...]

  • Sammy Shore Dead: Comedy Store Co-Founder

    Sammy Shore, Co-Founder of The Comedy Store, Dies at 92

    Sammy Shore, the well-known stand-up comedian who co-founded The Comedy Store in Hollywood, died in Las Vegas, Nev. from natural causes. He was 92. Shore founded The Comedy Store with writing partner Rudy Deluca on April 7, 1972. His ex-wife, Mitzi Shore, took ownership of the club in the divorce settlement, and the venue went [...]

  • Outlander Season 4 Finale

    What CBS' Pursuit of Starz Means for CBS, Lionsgate

    CBS’ effort to buy pay TV service Starz from Lionsgate seems on the surface to be a head scratcher. CBS has told Wall Street for years that it has prospered because it brings only two must-have services to the table in negotiations with MVPDs, allowing the Eye to drive a hard bargain. Why would CBS [...]

More From Our Brands

Access exclusive content