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Major Movie House Owner Bought Out for $110M

SOUTHFIELD, MI-Toronto-based Onex Corp. and Oaktree Capital Management, LLC buys the rest of shares of Star Theatres for $110 million. Current owners Jim and Barrie Loeks will stay on until Loews Cineplex takes over in July.

By Robert Carr | Updated on April 17, 2002

SOUTHFIELD, MI-Onex Corp. of Toronto and Oaktree Capital Management, LLC, its partner in Loews Cineplex Entertainment Corp., have agreed to purchase the 50% interest in the Loeks-Star Partnership previously not owned by Loews Cineplex forapproximately $110 million. The Loeks-Star Partnership owns Star Theatres, the leading theatre exhibitor in Michigan.

Onex will invest a total of approximately $34 million as part of the transaction.

“This acquisition brings Star Theatres completely under Loews Cineplex’ control and strengthens the overall quality of the company’s circuit,” says Anthony Munk, managing director of Onex Investment Corp. “Our intention is to continue the repositioning of Loews Cineplex as the highest quality circuit in the exhibition industry.”

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