(WWJ) Emagine Entertainment — which operates multiple movie theatres in the Metro Detroit area — will become part of a much larger company.
Announced Tuesday, Europe-based Kinepolis has reached an agreement to buy the Emagine movie theater chain for $105 million.
As a result of this agreement, Kinepolis will add 14 cinemas to its portfolio, representing 177 screens and 18,000 seats, located in Michigan, Illinois, Indiana, and Wisconsin.
The Emagine theaters in Metro Detroit are expected to continue operating as they are currently, although it's not clear what, if any, changes movie-goers an expect in the future.
Paul Glantz, Chairman and CEO of Emagine Entertainment, seems pleased about the deal, saying in a statement: "Kinepolis has a reputation for operating exceptionally well-run cinemas both in Europe and in North America. Their commitment to providing guests with an unforgettable movie experience makes them the ideal suitor to continue the stewardship of Emagine into the future. "
Around 6 million people visit Emagine theatres every year, generating nearly $129 million in revenue, according to the company.
Kinepolis expects to complete the acquisition by the end of the year.