Sumner Redstone's family-owned movie theater circuit, National Amusements Inc., has closed a deal to unload 29 of the 35 non-core cinema assets it is selling to Dallas-based Rave Cinemas.
Financial terms weren't disclosed.
A transaction for the remaining six -- which includes the Bridge Cinema de Lux multiplex in Los Angeles -- is expected to be finalized in the next couple of weeks.
Redstone will use the proceeds of the sale to help pay off National Amusements' outstanding debt. In October, the media mogul announced that he was selling nearly $1 billion in stock in the two companies he controls, Viacom Inc. and CBS Corp., to retire part of the $1.46 billion that National Amusements owes its lenders.
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