A national movie theater chain with two locations in Palm Beach County could be sold to a London-based company.
Regal Entertainment revealed in a statement Tuesday that it is in talks to be purchased by Cineworld Group.
If the deal goes through, Regal would sell for $23 a share to Cineworld, valuing the Tennessee-based theater owner at $3.6 billion, the Los Angeles Times reported.
Regal has two theaters in Palm Beach County: Regal Royal Palm Beach Stadium 18 at 1003 N. State Road 7, Royal Palm Beach; and Regal Shadowood 16, 9889 W. Glades Road, Boca Raton. It also has a location in Jensen Beach, and several in Broward County.
According to the LA Times, the merger would make Regal — the second-largest theater operator in the U.S. — and Cineworld more able to compete with AMC Entertainment, the China-based theater group that holds the position as the largest cinema operator in the world. AMC owns the theater at CityPlace in West Palm Beach.
Another local movie theater was sold earlier this year: The former Paragon luxury movie theater at the Mall at Wellington Green now is CMX. Signage on the outside of the mall has yet to change. Read more about that sale.