Projo Biz Blog

National Amusements Inc., based in Dedham, Mass., has formally announced its acquisition of the Feinstein IMAX Theatre at the Providence Place Mall.

The Providence Journal reported the sale in the Biz Blog yesterday and in today's paper.

In a statement released today by National Amusements, the privately held company said it was an "opportune time" for the purchase "since the movie industry is offering more and more large format film options for moviegoers to enjoy."

Under IMAX Corp. (IMAX:Nasdaq), headquartered in Toronto and New York City, the theater employed 16 people. All of them have been offered jobs for National Amusements, the company said.

The purchase gives National Amusements control over both cinemas at the Providence Place Mall.

IMAX designs and operates IMAX theatres and manufactures cameras and projectors. National Amusements operates more than 1,500 movie screens in the U.S., U.K., Latin America and Russia under the brands Showcase, Multiplex, Cinema de Lux and KinoStar.

National Amusements, the parent company of Viacom and CBS Corporation, also owns IMAX theaters in California, Connecticut, Kentucky, Michigan, New York, Ohio and Buenos Aires.

IMAX operates more than 300 IMAX theatres in 40 countries. Half of those theaters are in movie houses, the rest are in museums, science centers and other educational facilities, according to the company.

The Feinstein IMAX Theatre is now playing "Sea Monsters 3D," "Beowulf" and "The Polar Express."

---