On Tuesday, Troy-based Emagine Entertainment announced it plans to sell 100% of its business to Belgium-based movie theater chain Kinepolis. The $105 million agreement was signed with the company, which recently purchased another local theater chain, MJR, in 2019.
We had questions. Emagine CEO Paul Glantz could not be reached by phone but provided the following answers to our questions through his publicist.
Hour Detroit: Why sell Emagine?
Paul Glantz: I think it is important that we all recognize our mortality. Coming from modest beginnings, I have been blessed to secure investor (originally angel) capital since 1996. The business has been successful because of our dedication to providing guests with an exemplary out-of-home entertainment experience. However, none of it would have been possible without the support of our investors. Thinking ahead, the last thing I want to do is subject our company to a fire sale in the event of my death or disability. Thus, I’m responsible to our investors to ensure a smooth transition of ownership while I remain in good health.
What will be different?
Ideally, nothing that is discernable to our guests. Kinepolis is led by very astute executives, and they are great operators. They are as committed as we are to providing guests with an awesome entertainment experience. So, I don’t see the dedication to great guest service changing.
Will Emagine still do the special events it is known for?
Yes, special events have been a hallmark of our business for years, and I don’t see any reason why that would change. Kinepolis plans to retain virtually all our leadership team, and they have been the creative genius behind our events.
What are your future plans?
I have no interest in retiring. I want to be a productive member of society until the day I die. My youngest son is interested in following in his father’s footsteps as an entrepreneur, and I foresee myself becoming his investor and mentor.
Read more about Emagine’s Paul Glantz and more metro Detroit entertainment and film news at hourdetroit.com.
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