Bow Tie Cinemas Announces Acquisition of Clearview Cinemas | Bow Tie Cinemas
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Bow Tie Cinemas Announces Acquisition of Clearview Cinemas

Bow Tie to become eighth
largest motion picture exhibit
or
in
the
U.S.
with the largest number of
theater locations in the
New York metropolitan area
Chelsea Cinemas to become flag
ship Bow Tie theater in Manhattan
RIDGEFIELD, Conn. and BETHPAGE, N.Y.
April 29
, 2013
Bow Tie Cinemas and Cablevision
Systems Corporation (NYSE: CVC) today announced that they have entered into a definitive agreement
under which Bow Tie will acquire
substantially all of
the
Clearview Cinemas
theaters
from Cablevision.
Following the acquisition, Bow Tie Cinemas will become the eighth largest theater circuit in the United
States with 388 screens in 63 locations in seven states. The company will have t
he largest number of
theater locations in the New York metropolitan area upon closing the acquisition.
Financial terms of the
transaction were not disclosed.
Founded
by
B.S. Moss
over 100 years
ago,
Bow
Tie Cinemas is a four generation, family
-
owned
busi
ness and the oldest cinema company in the United States. The company
currently own
s and
operates 22 movie theaters with 177 screens
in
Colorado, Connecticut, Maryland, New York and Virginia,
including two locations scheduled to open this summer in downtow
n Saratoga Springs and Wilton, New
York
.
Bow Tie is
led by Charles
B. Moss, Jr.,
and Ben Moss, the third and fourth generations of the
Moss
family
, respectively.
“This is a transformational acquisition for Bow Tie Cinemas and an exciting new chapter in o
ur company’s
rich history,” said Ben Moss, CEO of Bow Tie Cinemas. “Going to the movies is a tradition deeply rooted
in the local community. Bow Tie
makes long
-
term commitments
in the comm
unities where we own
theaters
by building local partnerships, empl
oying local people and
engaging with our patrons.
Our
mission is to
return style and elegance to the movie
-
going experience
, and we look forward to applying
the same approach at our newly acquired locations.”
Bow Tie will acquire 41 Clearview Cinemas m
ovie theaters, including Chelsea Cinemas, which will
become its Manhattan flagship. Bow Tie will continue to operate Chelsea Cinemas as a prime venue for
iconic industry events such as the Tribeca Film Festival, the
New York International
Latin
o
Film Fest
ival
and
the Asian
American International
Film Festival, for community programming
,
as well as for world
 
premier
e
screenings.
Bow Tie also intends to further develop the relationships between Chelsea
Cinemas and the local community.
The Ziegfeld Theatre
in New York City will not be acquired by Bow
Tie but the company will manage the Theatre on Cablevision’s behalf.
Following the close of the transaction,
Bow Tie
intends to make a substantial investment in the newly
acquired Clearview theaters, including
Chelsea Cinemas, to fund k
ey upgrades that are designed to
enhance the movie
-
going experience for customers
, including: digital projection and 3D installations,
concession stand upgrades, decorative improvements, and point of sale technology that will allo
w Bow
Tie to enhance its customer loyalty programs.
The transaction is subject to customary closing conditions and is expected to close
in the coming months.
Williams Mullen acted as legal advisor to Bow Tie Cinemas
and
Anchin, Block & Anchin
acted as
financial
advisor.
Citi acted as financial advisor to Cablevision and Hughes Hubbard & Reed LLP acted as legal
advisor
.
About Bow Tie Cinemas
Bow Tie Cinemas is a four generation
family
-
owned entertainment business
founded over a century ago
by motio
n picture industry pioneer
B.S. Moss
. The company’s mission is
to
return style and elegance to
the movie
-
going experience
.
Bow Tie’s storied history has spanned the eras of the Nickelodeon,
Vaudeville and the birth of the motion picture theater. Today
Bow Tie is the oldest cinema company in
the United States and currently owns and operates 22
movie
theaters with
177 screens in
five states.
The company provides long
-
term investments to the communities it serves and is dedicated to offering
the best pos
sible presentation and service to its patrons. For more information, visit
www.bowtiecinemas.com
.
About Cablevision Systems Corporation
Cablevision Systems Corporation is one of the nation's leading media and
telecommunications
companies.
In addition to delivering its Optimum
-
branded cable, Internet, and voice offerings throughout
the New York area, the company owns and operates cable systems serving homes in four Western
states. Cablevision’s local media pr
operties include News 12 Networks, MSG Varsity and Newsday
Media Group. Cablevision also owns and operates Clearview Cinemas. Additional information about
Cablevision is available on the Web at
www.cablevision.com
.
Cautionary Statement Regarding Forward
-
Looking Statements
This release may contain statements that constitute forward
-
looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such
forward
-
looking
statements are not guarantees of future performance or results and involve risks and uncertainties, and
that actual results or developments may differ materially from those in the forward
-
looking statements as
a result of various factors,
including financial community and rating agency perceptions of the company
and its business, operations, financial condition and the industries in which it operates and the factors
 
 
 
described in the company’s filings with the Securities and Exchange Commiss
ion, including the sections
entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of
Operations" contained therein. The company disclaims any obligation to update any forward
-
looking
statements contained here
in.
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