Philip Anschutz

British movie theater chain agrees to buy Regal for $3.6 billion

British movie theater chain agrees to buy Regal for $3.6 billion

Regal Entertainment Group, the second-largest U.S. theater chain, has agreed to sell itself to British exhibitor Cineworld Group in a deal valuing Regal at $3.6 billion, the company said Tuesday.

Cineworld, Britain's biggest cinema operator, would pay $23 a share for Regal, which runs 561 theater locations, including five in the Baltimore region.

If the deal closes, it would turn Cineworld into one of the world's largest movie theater owners, putting it in a better position to compete with industry giant AMC Entertainment.

Cineworld's purchase of Regal would be the latest example of consolidation in the cinema business. Theater chains are combining as they face growing...