According to Knight, the agreement to purchase the building, reached last week, precludes the parties from revealing the purchase price from the theater near the city's Kellogg Park.
Knight and Tortora bought it from three partners, Ron Cook and John Mazzei of Cook Development in Plymouth and Ron Courtney.
The theater had closed in January of this year for remodeling and hasn't re-opened. Knight did not reveal the exact plans for the theater, which some have suggested would be ideally suited for a dinner theater venue.
The Penn Theater opened Dec. 4, 1941, three days before Pearl Harbor. Its first film was "Weekend in Havana" with John Payne, Alice Faye and Carmen Miranda.
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