Fox News has learned the Walt Disney Co. is selling the NCG Cinema in downtown Los Angeles for $200m, marking the largest deal of its kind for a Hollywood venue in history.
The $200-million deal, which was announced Monday, is part of a broader $1.6bn agreement between Disney and NCG.NCG, which includes Universal Studios, Paramount, MGM and Universal Pictures, is a publicly traded company with more than $3.4 trillion in annual revenues.
Disney is the nation’s second-largest movie theater operator, according to its latest annual report.
Disney owns or controls more than 70,000 theaters across the country.
The movie theater market is the biggest in the U.S. with annual revenue of more than 2.6 billion dollars.