Grauman's Chinese Theatre Could Be for Sale: Report

THR reports Warner Bros., Viacom selling several theaters

One of Los Angeles' most iconic institutions could be going up for sale, according to a published report.

Warner Bros. and Viacom are looking to sell several Los Angeles theaters, including the legendary Grauman's Chinese, according to the Hollywood Reporter:

Execs at Cinemerica -- the co-venture of Warners and Paramount-parent Viacom that operates Mann Theatres -- believe the timing is right to make a concerted run at selling one or more of its Mann venues. Two are considered especially attractive: the fabled Grauman's on Hollywood Boulevard and the Criterion Theatre on Santa Monica's Third Street Promenade.

Of the entire Mann roster, the Grauman's Chinese stands out as the brass ring, reported:

Grauman's is a special case. Combined with a six-plex in the adjacent -- and finally flourishing -- Hollywood & Highland complex, it could fetch as much as the rest of the circuit combined.

The recent opening of a Madame Tussauds wax museum next door also will benefit Grauman's, perhaps the only theater Cinemerica operates that has appreciated in recent years. Cinemerica owns the buildings but not the land at Grauman's and the Mann Westlake and leases the rest of its theaters.

Mann also operates theaters in Glendale, Granada Hills, Thousand Oaks, Van Nuys and Westlake Village, according to its website.

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