Digital Cinema Destinations Corp. (DCIN), a motion picture exhibitor, Wednesday said that, together with its new joint venture partner, Start Media, LLC, it arranged the signing of Asset Purchase Agreements or APAs for the proposed acquisition of seven movie theaters with an aggregate of 74 fully digital screens from UltraStar Cinemas. The aggregate purchase price for the theaters is anticipated to be around $13 million.
Six of the theaters are located in the Southern California/San Diego market and the seventh is based near Phoenix, Arizona. The acquisitions are targeted to be consummated by the new joint venture, Start Media/Digiplex, LLC, on December 14.
If the acquisitions are completed, Digiplex's circuit would expand from 9 to 16 locations with 159 screens.
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