VISTA – Digital Cinema Destinations Corp (Digiplex), a fast-growing motion picture exhibitor dedicated to transforming movie theaters into digital entertainment centers, has announced that together with its new joint venture partner, Start Media, LLC, it purchased seven movie theaters with an aggregate of 74 fully digital screens from UltraStar Cinemas. Digiplex began operating the cinemas on Dec. 14.
Six of the theaters are located in the Southern California/San Diego market and the seventh is based near Phoenix, AZ.
The aggregate purchase price for the theaters is anticipated to be approximately $13 million.
Alan Grossberg, CEO of UltraStar, stated, “We are very pleased about reaching this mutually beneficial acquisition agreement with Digiplex. They are very well-respected pioneers of digital cinema and have developed an intriguing and ambitious growth strategy. As stakeholders, we look forward to sharing in the rewards of their future success.”
Digiplex Chairman and CEO Bud Mayo stated, “The accretive purchase of UltraStar’s seven West Coast-based theaters is a logical next step for Digiplex as we continue to successfully execute our strategy of opportunistically expanding the company’s footprint across the U.S. in leading DMAs.
The UltraStar Cinemas now operated by Digiplex include those located in Bonsall/River Village, Oceanside/Mission Marketplace, Temecula 10, Poway, Mission Valley, Apple Valley, and Surprise, AZ.