Grauman’s Chinese for sale
HOLLYWOOD, CA — Citing difficulties making a profit on their single screen theaters, Mann Theatres is attempting to unload the famous Grauman’s Chinese as well as the Criterion in Santa Monica. This comes after they recently closed the Mann Festival and announced they would not be extending the leases on their other Westwood locations.
Amid seismic shifts in local exhibition, Warner Bros. and Viacom are stepping up efforts to unload L.A.-area movie theaters piecemeal, including the iconic Grauman’s Chinese in Hollywood. Such an exit would conclude an initially profitable but more recently tedious tenure of ownership for the studio companies.
Execs at Cinemerica — the co-venture of Warners and Paramount-parent Viacom that operates Mann Theatres — believe the timing is right to make a concerted run at selling one or more of its Mann venues. Two are considered especially attractive: the fabled Grauman’s on Hollywood Boulevard and the Criterion Theatre on Santa Monica’s Third Street Promenade.
Read the full story at the Hollywood Reporter.
(Thanks to Nico for providing the photo.)