Four top executives are out at Regal
Entertainment Group on Wednesday as an acquisition with Cineworld Group
goes through.
A source told Local 8 News that CEO Amy Miles, President and Chief
Operating Officer Greg Dunn as well as executive vice presidents Peter
Brandow and David Ownby are no longer with the company.
Local 8 News reached out to Regal's director of marketing and
communications Richard Grover for details, but the call went to
voicemail.
The acquisition with Cineworld Group, one of the U.K.'s largest cinema
operators, was first announced in December 2017. The $6.3 billion
transaction was approved unanimously by Regal's and Cineworld's boards
of directors.
The agreement was expected to cost Cineworld $4 billion of new debt
facilities and a $2.3 billion equity raise, making a total of $6.3
billion.
What does this mean for Knoxville? Regal Entertainment Group said
Cineworld has committed to having a strong presence in Knoxville.
Regal submitted the following statement in December, "It remains
business as usual at Regal. We are committed to maintaining a strong
presence in Knoxville and in the United States. This commitment includes
keeping our new headquarters in Knoxville as planned."
On Wednesday, CEO of Cineworld Group Mooky Greidinger released the
following statement: "We are excited to have Regal join the Cineworld
Group and proud to be a part of the Knoxville community. Millions of
Regal/Cineworld customers love the movie-going experience and we are
committed to being ‘The Best Place to Watch a Movie!’
Regal runs one of the largest theater circuits in the country from
corporate offices in Knoxville. Regal has 7,315 screens in 561 theaters
in 43 states along with Guam, Saipan, American Samoa and the District of
Columbia. |
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