Utah's 12 Cineplex Odeon Corp. theaters and one under construction at South Towne Mall have been sold to Plitt Amusement Co, Inc. of Los Angeles.
Cineplex Odeon has operated theaters throughout the Salt Lake Valley, including locations at Crossroads Mall, Trolley Square, Holladay and Midvalley Cinemas, as well as in Ogden and Orem.The company sold 38 theaters in Idaho, Minnesota, Oregon, Washington and Utah for $31.75 million.
The sale was conducted by Plitt Theatres, Inc., a wholly owned subsidiary of Cineplex Odeon Corp. The company also has entered into leases, which will be assumed by the purchaser, including the Broadway Centre under construction in downtown Salt Lake City and theaters in Minneapolis and Portland.
Ed Plitt, vice president of Plitt Amusement, said in a telephone interview Monday that the company does not plan to consolidate any of the theaters it has acquired.
"We like to get in and get our feet wet before we have any policy changes. We will have some in the offing," Plitt said.
Plitt Amusement owned the theaters until 1985, when they were sold to Cineplex Odeon Corp.