×
You will be redirected back to your article in seconds

Oaktree nabs Silver Cinemas

$40 mil deal to close by end of May

Oaktree Capital, an L.A.-based investment management firm, has emerged as the winner of an auction for bankrupt exhib Silver Cinemas, whose subsid Landmark Theatre Corp. is the top U.S. specialty circuit.

Deal is expected to close by the end of May.

Purchase price of about $40 million comes in about $5 million more than the secured debt owned by Silver. The amount beyond that debt which bidders were willing to pay became a central issue in the auction.

Along with Oaktree, bidders included Cerberus Partners, Foothill Capital and Madstone Films. Madstone’s effort gained notice for the Gotham company’s intention to install digital projection systems in many Silver locations.

Dallas-based Silver has 72 theaters and 321 screens in 16 states. Its key asset is Landmark, which has 51 theaters and 166 screens and boasts the only coast-to-coast footprint among arthouse chains.

Oaktree, whose assets total $18 billion, is involved with Philip Anschutz in some of the entrepreneur’s acquisitions of debt and assets of several top circuits.

(Carl DiOrio contributed to this report.)

More Film

  • UGC Distribution Closes on Mariano Cohn’s

    Ventana Sur: UGC Distribution Closes Market Hit ‘4 x 4’ (EXCLUSIVE)

    BUENOS AIRES — UGC Distribution has beaten out all other suitors to clinch what had became by Friday morning the most anticipated deal of this year’s Ventana Sur market: All rights to France on Argentine Mariano Cohn’s “4 x 4,” sold by Latido Films and distributed throughout Argentina by Disney. After mounting speculation about which [...]

  • Aquaman 2018

    Film News Roundup: 'Aquaman' Hits $152 Million at International Box Office

    In today’s film news roundup, “Aquaman” has already grossed more than $150 million outside the U.S., Michael Masini joins “Birds of Prey,” and Freestyle buys the documentary “Shamanic Trekker.” BOX OFFICE Warner Bros.’ tentpole “Aquaman” has taken in $152 million overseas in 36 markets, with $135 million of that from China, where it opened on [...]

  • 'Winter's Night' Review: Enigmatic, Offbeat Korean

    Tallinn Film Review: 'Winter's Night'

    There are thousands of films about love’s beginning, and a great many about love’s end. But far fewer deal with a relationship’s late-middle: the spreading, sluggish delta of coupledom when decades of familiarity, if they have not bred contempt, at least threaten irritation. “Winter’s Night,” Jang Woo-jin’s playfully melancholic third feature, after the acclaimed “A [...]

  • Tomasz Kot UTA

    UTA Signs ‘Cold War’ Star Tomasz Kot (EXCLUSIVE)

    UTA has signed “Cold War” star Tomasz Kot. He has appeared in more than 30 films and 26 plays as well as dozens of television series. Most recently, Kot has received award-season buzz for his starring role as Wiktor in Pawel Pawlikowski’s feature “Cold War” for Amazon. The project has earned him a nomination for [...]

  • Kenneth Branagh's 'All Is True' Opening

    Kenneth Branagh's 'All Is True' Opening Palm Springs Film Festival

    The 30th annual Palm Springs International Film Festival will open on Jan. 3 with historical drama “All Is True,” starring Kenneth Branagh, Judi Dench, and Ian McKellen. Branagh, who will be in attendance at the opening night screening, directed from Ben Elton’s script about the little-known period in the final years of William Shakespeare. Branagh [...]

  • Actor and Activist Rodney Kageyama Dies

    Actor and Activist Rodney Kageyama Dies at 77

    Actor, activist and influentials member of the Japanese American community, Rodney Kageyama, died in his sleep Dec. 9. He was 77. The SAG member was known for roles in “Karate Kid IV” with Hillary Swank, Ron Howard’s film “Gung Ho” and the spinoff sitcom, and the TV movie “Hiroshima: Out of the Ashes” with Max [...]

  • Most Popular Films 2018: The Best

    9 Holiday Gift Ideas Inspired by This Year's Most Popular Films

    From superheroes to super nannies, 2018 was a year full of memorable characters — and memorable movies. Whether you’re a big film buff, an avid follower of a popular franchise, or have a couple movie fans in your life, here are nine gifts that capture the fun of some of this year’s biggest films. 1. [...]

More From Our Brands

Access exclusive content