Cablevision sells Clearview Cinemas to Bow Tie
Cablevision sells 41 New York-area Clearview Cinemas to Bow Tie; terms not disclosed
NEW YORK (AP) -- Cablevision Systems Corp. said Monday that it is selling its 41 Clearview movie theaters to Bow Tie Cinemas, a family-owned theater operator.
The New York-area cable company has been looking for a buyer for Clearview for a year. The terms of the sales were not disclosed.
Clearview has theaters in New York, New Jersey and Pennsylvania. Bow Tie is buying all of them except for the storied Ziegfeld Theatre in Manhattan, which Cablevision will keep but Bow Tie will manage, and five theaters whose leases are expiring.
Bow Tie, based in Ridgefield, Conn., said it will invest in upgrading the theaters with digital and 3-D projectors and improved amenities and decor.
Bethpage, N.Y.-based Cablevision is the country's fifth-largest cable company.
