RealTime IT News

Big Entertainment to Acquire CinemaSource

Big Entertainment Inc. signed a definitive agreement to acquire the assets of CinemaSource Inc., described as the nation's largest provider of movie showtime listings to the Internet industry.

The deal involves 436,191 shares of Big Entertainment common stock and $6.5 million in cash. The stock closed last at $12 7/16, up 5/16.

Internet portals and Web sites that obtain their movie showtime listings from CinemaSource include Yahoo!, MSN, Excite, Go Network, CitySearch, and Zip2, among others.

The movie showtime listings data that CinemaSource provides will be an integral part of the online movie ticketing service to be offered by Hollywood Online, operator of hollywood.com, the online movie information Web site that BigE has contracted to acquire from Times Mirror Co.

"The acquisition of CinemaSource in combination with BigE's earlier announced acquisition of hollywood.com as well as the bige.com studio store, is designed to create the premier online site for movie information, online movie ticketing and movie merchandise," said Mitchell Rubenstein, chairman and CEO of BigE. "In addition, this acquisition means that not only will BigE be the provider of premier movie information on the Web via hollywood.com, but also will be the No. 1 provider of movie showtime listings information to the Internet industry."

Big Entertainment was founded by Rubenstein and Laurie Silvers, who earlier in their careers founded the Sci-Fi Channel. BigE owns bige.com, an e-commerce studio store offering thousands of entertainment products from Hollywood studios and popular culture.