National Amusements
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National Amusements
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| Type | Private |
|---|---|
| Industry | Entertainment - Movie theaters |
| Founded | Dedham, Massachusetts (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.national-amusements.com |
National Amusements, Inc. is a 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 and Viacom through supervoting shares.[1]
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.
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Contents
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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
Notes
- ^ "Redstones settle feud over family business" from The Denver Post, February 2007
- ^ James, Meg (October 11, 2008). "Redstone hit by credit troubles". LA Times. http://articles.latimes.com/2008/oct/11/business/fi-redstone11. Retrieved December 5, 2010.
- ^ "National Amusements Plans to Sell $390 Million of Notes to Refinance Debt". Bloomberg. http://www.bloomberg.com/news/2010-11-23/national-amusements-plans-notes-to-replace-credit-line-update1-.html. Retrieved December 5, 2010.
- ^ National Amusements Inc. to sell nearly $1B of its Viacom, CBS stock
- ^ Rave To Acquire 35 Of Redstone's National Amusements Theater Complexes
References
External links
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