With the exception of three theaters, Kerasotes is selling its entire chain to AMC. That means the Kerasotes ShowPlace 14 in Pekin will be acquired if the sale receives regulatory approval. Incidentally, for you local history buffs out there, before the ShowPlace 14 (originally the ShowPlace 12) was built, this was the site of the Starlite Drive-In Theater, one of several drive-in theaters in the greater Peoria area. It was destroyed by fire in October 1991. The drive-in was owned by Kerasotes Theatres, and when it burned down, they opted not to rebuild it, but instead put up the largest local multiplex at the time. You may recall that there was another theater chain in the area with a similar name: George Kerasotes Corp., or GKC. (Anyone remember the jingle? “Tonight I feel like GKC!”) It was unaffiliated with Kerasotes Theatres and was sold to Carmike Cinemas in 2005.

Now it looks like the Kerasotes name may soon be gone forever from the area. Here’s the press release:

Kansas City, Mo. (Jan. 19, 2010) – AMC Entertainment Inc. (“AMC”), and Kerasotes Showplace Theatres, LLC (“Kerasotes”), two leading theatrical exhibition and entertainment companies in the U.S., announced today that they have entered into a definitive agreement pursuant to which AMC will acquire substantially all of the assets of Kerasotes. Kerasotes owns 96 theatres and 973 screens in mid-sized, suburban and metropolitan markets, primarily in the Midwest. More than three quarters of the Kerasotes theatres feature stadium seating and almost 90 percent have been newly built since 1994. Following the consummation of the proposed transaction, Tony and Dean Kerasotes will retain and operate their two new ICON concept theatres in Minneapolis, MN and Chicago, IL; and one Showplace theatre in Secaucus, NJ. Kerasotes is currently owned by the Kerasotes family and Providence Equity Partners.

“Combining Kerasotes’ highly-regarded assets and operations with our own is a natural way for us to continue re-defining the future of our industry,” said Gerry Lopez, AMC CEO and president. “With almost 200 years in the exhibition business between us, our collective experiences and our complementary geographic footprints will allow us to maintain the reputation for excellence and leadership that is part of each company’s culture.”

“Our team has delivered a consistent, high quality experience for customers, and we have appreciated Providence’s partnership over the last six years in helping Kerasotes grow into the sixth largest motion picture exhibition company in North America” said Tony Kerasotes, Chief Executive Officer. “We expect these theatres will be a strong addition to the AMC theatre circuit, and look forward to successfully completing the transaction with AMC and to beginning our next chapter.”

Completion of the acquisition is subject to the satisfaction of customary closing conditions for transactions of this type, including Department of Justice antitrust approval.