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Regal Entertainment Group, the largest U.S. cinema chain, said it’s considering strategic options including the sale of the company. The stock jumped.
Regal, controlled by billionaire Philip Anschutz, said in a statement Monday the company’s performance and industry dynamics led the board to conclude it’s a good time to review its options.
Theaters have been consolidating for years, with larger operators like Knoxville, Tenn.-based Regal acquiring smaller, family owned chains that have struggled to upgrade their circuits with the latest digital technology and larger screens.
Regal rose as much as 17 percent to $24 in extended trading after the announcement.
