Commonwealth Theaters
{{Short description|Movie theater chain}}
{{Infobox company
| name = Commonwealth Theaters
| logo =
| fate = Acquired by United Artists Communications
| key_people =
| industry = Entertainment (movie theatres)
| foundation =
| defunct =
| location = Kansas City, Missouri
}}
Commonwealth Theaters, Inc. was a movie theater chain based in Kansas City, Missouri, USA.
History
In 1936, Commonwealth purchased its headquarters in downtown Kansas City, part of a "film row" that hosted several regional film distribution companies.{{cite news|title=Rigby sells Commonwealth building|url=http://www.bizjournals.com/kansascity/stories/2007/04/16/daily3.html?jst=b_ln_hl|accessdate=30 July 2015|work=Kansas City Business Journal|date=16 April 2007}}
In 1983, Commonwealth went private through a merger with CMN Capital Corp. By 1984, Commonwealth was reported to be one of the largest movie theater chains in the country, with over 400 screens in 14 states.{{cite news|title=Commonwealth Six-Screen Theater Will Be First Tenant at New Center|url=http://newsok.com/commonwealth-six-screen-theater-will-be-first-tenant-at-new-center/article/2070122|accessdate=30 July 2015|work=The Daily Oklahoman|date=1 June 1984}}
=Cannon and United Artists=
Film production company Cannon Group announced in 1986 that it had agreed to purchase Commonwealth for $25 million in cash plus the assumption of $50 to $60 million in debt. At this time, Commonwealth was the sixth-largest theater chain in the country, comprising 425 screens in 12 states, with plans to open 70 more screens that year.{{cite news|last1=Brooks|first1=Nancy Rivera|title=Cannon Group Will Buy Theater Chain|url=https://www.latimes.com/archives/la-xpm-1986-05-08-fi-4468-story.html|access-date=30 July 2015|work=Los Angeles Times|date=8 May 1986}}{{cite news|last1=Fabrikant|first1=Geraldine|title=Cannon to buy chain of theaters|url=https://www.nytimes.com/1986/05/08/business/cannon-to-buy-chain-of-theaters.html|accessdate=30 July 2015|work=New York Times|date=8 May 1986}} Within six months, Cannon ran into serious financial problems. These problems led to Renta Immobiliarla S.A., a Spanish-based group controlled by Italian financier Giancarlo Parretti, acquiring a significant stake in Cannon, and Cannon put Commonwealth up for sale. Renta subsequently acquired complete control of Commonwealth in January 1988. One month later, Renta announced the formation of a joint venture with United Artists Theatres, a theater chain then controlled by Tele-Communications Inc. Under the terms of the joint venture, each party would control 50% of Commonwealth.{{cite news|last1=Delugach|first1=Al|title=United Artists Enters Theater Deal: Denver Firm to Form Venture With Cannon Affiliate|url=https://www.latimes.com/archives/la-xpm-1988-02-11-fi-41907-story.html|access-date=30 July 2015|work=Los Angeles Times|date=11 February 1988}} Later press reports characterize the transfer of ownership as a purchase by United Artists, rather than a joint venture.{{cite news|title=United Artists buys theaters|url=https://news.google.com/newspapers?nid=2199&dat=19880801&id=kqtAAAAAIBAJ&sjid=vOYFAAAAIBAJ&pg=5454,70419&hl=en|accessdate=30 July 2015|work=Lawrence (KS) Journal-World|agency=Associated Press|date=1 August 1988|page=8B}}
By 1991, the downtown Kansas City headquarters building had closed. United Artists reportedly sold off many former Commonwealth screens on a market-by-market basis.{{cite web|last1=Poessiger|first1=Jack|title=New Jack City: What’s In The Cards For AMC Entertainment Kansas City’s Heritage Company?|url=http://www.kcconfidential.com/2012/05/22/new-jack-city-whats-in-the-cards-for-amc-entertainment-kansas-citys-heritage-company/|website=KC Confidential|accessdate=30 July 2015|date=22 May 2012}}