Cablevision is holding onto its lease for the iconic Ziegfeld Theatre but will turn management over to Bow Tie Cinemas, which has a contract pending to buy almost all of Cablevision’s Clearview Clearview Cinemas chain — 41 theaters, mostly in New Jersey, as well as some in Long Island, Westchester and Pennsylvania. The chain had been on the block for at least a year.
CEO Charles B. Moss Jr. tells me Bow Tie Cinemas has a “multi-year” contract to manage the Ziegfeld on W. 54th St. which Cablevision leases from the owners of the adjoining office tower on Sixth Ave. He says a confidentality agreement between the two companies precluded discussing the details of the contract or the financial situation at the Ziegfeld, which I reported last year is in danger of closing because of losses of around $1 million a year.
Read more: Ziegfeld to be managed by new owners of Clearview Cinemas, including Chelsea; First and 62nd closing soon http://www.nypost.com/p/blogs/movies/ziegfeld_including_chelsea_managed_6RLLoZEC6HsB7fThUDFY2N#ixzz2SRKIHLjZ