Commonwealth Theaters, Inc. was a movie theater chain based in Kansas City, Missouri, USA.
History
In 1936, Commonwealth purchased its headquarters in downtown Kansas City, part of a "film row" that hosted several regional film distribution companies.[1]
In 1983, Commonwealth went private through a merger with CMN Capital Corp. By 1984, Commonwealth was reported to be one of the largest movie theater chains in the country, with over 400 screens in 14 states.[2]
Cannon and United Artists
Film production company Cannon Group announced in 1986 that it had agreed to purchase Commonwealth for $25 million in cash plus the assumption of $50 to $60 million in debt. At this time, Commonwealth was the sixth-largest theater chain in the country, comprising 425 screens in 12 states, with plans to open 70 more screens that year.[3][4] Within six months, Cannon ran into serious financial problems. These problems led to Renta Immobiliarla S.A., a Spanish-based group controlled by Italian financier Giancarlo Parretti, acquiring a significant stake in Cannon, and Cannon put Commonwealth up for sale. Renta subsequently acquired complete control of Commonwealth in January 1988. One month later, Renta announced the formation of a joint venture with United Artists Theatres, a theater chain then controlled by Tele-Communications Inc. Under the terms of the joint venture, each party would control 50% of Commonwealth.[5] Later press reports characterize the transfer of ownership as a purchase by United Artists, rather than a joint venture.[6]
By 1991, the downtown Kansas City headquarters building had closed.[1] United Artists reportedly sold off many former Commonwealth screens on a market-by-market basis.[7]
References
- Rigby sells Commonwealth building Kansas City Business Journal, 16 April 2007, retrieved 30 July 2015^
- Commonwealth Six-Screen Theater Will Be First Tenant at New Center The Daily Oklahoman, 1 June 1984, retrieved 30 July 2015^
- Nancy Rivera Brooks. Cannon Group Will Buy Theater Chain Los Angeles Times, 8 May 1986, retrieved 30 July 2015^
- Geraldine Fabrikant. Cannon to buy chain of theaters New York Times, 8 May 1986, retrieved 30 July 2015^
- Al Delugach. United Artists Enters Theater Deal: Denver Firm to Form Venture With Cannon Affiliate Los Angeles Times, 11 February 1988, retrieved 30 July 2015^
- United Artists buys theaters Lawrence (KS) Journal-World, 1 August 1988, retrieved 30 July 2015^
- Jack Poessiger. New Jack City: What’s In The Cards For AMC Entertainment Kansas City’s Heritage Company? KC Confidential, 22 May 2012, retrieved 30 July 2015^