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Author
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Topic: Grauman's Chinese SOLD!
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Chris Utley
Senior Member
Posts: 631
From: Torrance, CA
Registered: May 2003
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posted April 28, 2011 01:31 PM
Grauman's Chinese Theatre (and the Chinese 6) has been sold according to the LA Times
quote:
Grauman's Chinese Theatre to be sold to movie producers
April 28, 2011 | 12:54 pm
One of Hollywood's most iconic landmarks, Grauman's Chinese Theatre, is once again changing hands.
A partnership between Warner Bros. and Paramount Pictures parent Viacom Inc. has signed an agreement to sell the historic theater on Hollywood Boulevard for an undisclosed sum to a pair of movie producers: Don Kushner, executive producer of "Tron: Legacy," and the flamboyant and controversial entrepreneur Elie Samaha, two people familiar with the deal said Thursday.
The sale, which is scheduled to close May 20, also includes the Mann's Chinese 6 multiplex, located in the adjacent Hollywood and Highland retail mall.
The single-screen Grauman's -- known for its giant, red Chinese pagoda, signature Chinese dragon guard dogs at the entrance and cement block footprints and hand prints of famous Hollywood figures -- was declared a historic and cultural landmark in 1968.
Neither Samaha nor Kushner were immediately available to discuss their plans for the theater, but one person familiar with the matter said the theater will continue to screen movies and host premieres and that the new owners plan to upgrade food and beverage services.
The sale involves the buildings only and not the land the theater sits on, which in 2008 was sold to the CIM Group, which owns the Hollywood and Highland complex and other commercial properties in Hollywood.
Representatives of Warner, Viacom and Mann declined to comment on the pending sale.
Samaha, who has owned dry cleaners and nightclubs in Los Angeles, made waves more than a decade ago when he ventured into the movie business, producing such films as Bruce Willis' hit "The Whole Nine Yards" and John Travolta's box-office flop "Battlefield Earth."
But his business practices led to a high-profile legal battle with the German company Intertainment AG, which alleged in a fraud and racketeering lawsuit in 2000 that Franchise Pictures, the independent film company headed by Samaha, had made up inflated budgets for such movies as "Battlefield Earth." Samaha had denied any wrongdoing. Intertainment was awarded $122 million in damages, but was unable to collect the money and ultimately settled the complex legal brawl for $3 million.
Warner and Viacom have been trying to sell the historic theater for more than a year but had struggled to find a buyer.
Warner and Viacom acquired Grauman's Chinese Theatre in 2001 along with six other theaters owned by Encino-based Mann Theatres after the circuit declared bankruptcy in the face of rising competition from large theater chains.
Mann continues to operate theaters in Hollywood, Glendale, Van Nuys and Thousand Oaks.
Ted Mann, owner of the Mann chain, had purchased Grauman's Chinese in 1973; it then operated under the Mann name for nearly three decades.
Sid Grauman and partners that included silent screen stars Mary Pickford and Douglas Fairbanks financed construction of the theater, which opened in 1927 with the premiere of Cecil B. DeMille's film "The King of Kings." Over the decades it has hosted several Academy Awards ceremonies and was used for scores of high-profile premieres, including George Lucas' "Star Wars" in 1977.
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Brad Erickson
Member
Posts: 117
From: West Hollywood, CA
Registered: May 2006
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posted April 28, 2011 05:08 PM
http://www.hollywoodreporter.com/news/graumans-chinese-theatre-be-sold-183344
Several Hollywood sources said they had heard that the new owners are considering turning the theater, which has 1,152 seats, into a nightclub. It's worth noting that Samaha has interests in two historic Hollywood Boulevard movie theaters that have recently be turned into nightlife venues: the Fox Theatre and Vogue Theatre.
Leron Gubler, CEO of the Hollywood Chamber of Commerce, and Nicole Mihalka, a commercial real estate broker at Cushman & Wakefield, both said they had heard talk about the Chinese Theatre being converted to a nightclub. However, Tronson said he doesn't expect that to occur, adding that the new owners had not mentioned such a potential change to him.
"That would kill all the interest from people who are interested in coming there," Tronson said.
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Christopher Crouch
Member
Posts: 292
From: Anaheim, CA
Registered: Feb 2006
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posted May 18, 2011 05:53 PM
I went on the Grauman's tour this morning (just in case). While the staff obviously isn't privileged to all of the future plans under the new ownership, they made it sound like the theatre will continue in a "business as usual" fashion for now.
When I asked our tour guide about the new owners/changes, she stated that they offered many of the current workers positions and there was an orientation being held, for those who accepted, today (5/18). She also mentioned future bookings (new X Men movie) and pending premiers. I have no reason to believe she was providing misleading information or following what she was told to say, as she sounded a bit bitter about her own employment (i.e. she had every reason to be brutally honest). My inquiry seemed to have opened up a wound with her and I accidently caused the tour to close out on a sour note (she was upset that the new owners had hired the same people, who made "poor decisions", and didn't start with a clean slate). My tour faux pas aside, it was a relief to hear, at least for now, there definitely aren't plans to stop showing movies.
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