Act III Completes Purchase of Theaters: Act...

Act III Completes Purchase of Theaters: Act III Communications, a Los Angeles-based communications firm controlled by veteran television producer Norman Lear, completed its purchase of Luxury Theatres, a chain of 293 theater screens in 87 locations in the West and Northwest, for an estimated $150 million. With its other holdings, its Act III Theatres subsidiary now has 473 screens in 114 locations in seven states, making it the ninth-largest U.S. motion picture exhibitor, the company said. Extensive real estate ownership was a major factor in the purchase, according to Scott C. Wallace, president and chief executive of Act III Theatres, which is based in San Antonio.