A Cinemas Arts and Entertainment Group (CAG) group has agreed to pay $5 million to purchase and develop “Superman” for the 2019 Winter Olympics.
The group, which also owns and operates the AMC theaters in Washington, D.C., and Nashville, Tenn., is a member of the United Nations World Film Festival, which has awarded the film two Oscars.
CAG is based in New York and is part of the New York Film Academy, which is based at Columbia University.
“Superboy” is the latest installment of Warner Bros. and DC Entertainment’s “The Superman” series.
It stars Tom Cruise, Diane Lane, Michelle Pfeiffer, Diane Kruger and Henry Cavill.
It will open on Jan. 11, 2019, the day before the Winter Olympics start in Pyeongchang, South Korea.
“This film is about what it means to be a superhero,” CAG CEO and chairman, Stephen R. Drysdale, said in a statement.
“We hope this partnership will further highlight the unique power of the superhero to inspire and inspire us to do better.”
The project was initially proposed as part of a $7 million bid by CAG to purchase the AMC Studios, the first of several such proposals to buy movie theaters for the Winter Games.
Cag has made multiple unsuccessful bids for movie theaters in recent years.
It was one of three movie theaters that was shuttered by Cinemark in the 1980s.
The Cinemark stores were part of an agreement between CAG and Cinemark Entertainment Group that was struck to buy the Cinemark Cinema Corp. in 1996.
That deal included a provision that the two companies share ownership of Cinemark, a deal that Cinemark later walked away from, and which Cinemark acquired in 2011.
CAB has made at least $20 million in profits from the deal, which includes the purchase of movie theaters.
It also has a $4.5 million investment in AMC Studios.
CEG, a subsidiary of the Walt Disney Co., is the owner of theaters that include the AMC Cinemas and the AMC Grand Cinemas.
The company also owns AMC Cinemashops in Nashville, Chattanooga and Chicago.
The sale was first reported by The Hollywood Reporter.
“The film will celebrate the strength and promise of the American superhero, who has been at the forefront of the fight against climate change,” Drysale said in the statement.
The deal is expected to close by the end of 2019.
“I am excited to join forces with CAG, the American Film Institute, and the American Society of Cinematographers to bring this new cinematic vision to life,” Cruise said in his statement.