AMC/Loews To Sell Webster Place and City North Theaters

By Scott Smith in Arts & Entertainment on Dec 23, 2005 5:42PM

As a result of a civil lawsuit filed by several state attorneys general (including Illinois’ Lisa Madigan), Loews Cineplex and AMC Entertainment will sell six theaters around the country, including two in Chicago, before proceeding with plans for their proposed merger.

The two Chicago theaters getting “For Sale” signs? Loews Webster Place 11 and AMC City North 14. If the judge approves the decree, a total of six theaters (with 83 screens) will be sold in Chicago, Boston, Dallas, New York and Seattle leaving the two companies with 338 venues and 4641 screens by the time the merger goes through in June of 2006.

From the start, the AMC/Loews merger raised eyebrows because of fears that it would limit movie choices and cause an increase in ticket prices (AMC’s choice to not screen The Aristocrats at any of its larger venues did little to dissuade those fears). Both chains quietly closed some of its smaller theaters over the last several months as a preliminary attempt to satisfy antitrust concerns raised by the Justice Department.

So who are the likely buyers for Webster and City North? Chicagoist is betting on Keraostes Theaters. In addition to expanding their reach in the ‘burbs, Kerasotes previously announced its intention to build two 14-screen theaters in the city: one at Grand and Central and the other at the Wilson Yards space at Montrose and Wilson. We’re not sure whether they’d scrap these plans in favor of buying existing venues or add them on to their 2006 expansion plan.