In a move that signals its most ambitious expansion since the pandemic, Belgian theater powerhouse Kinepolis Group NV announced Tuesday that it has reached an agreement to acquire Emagine Entertainment’s portfolio for $105 million, a strategic play to deepen its reach across the U.S. cinema landscape.

The deal could grow even larger—Kinepolis said it is prepared to pay an additional $15 million depending on U.S. box office growth in 2025, a figure that has yet to be officially confirmed.

Expanding Across the Midwest

The acquisition includes 14 Emagine theaters boasting 177 screens and roughly 18,000 seats spread across Michigan, Illinois, Indiana, and Wisconsin. Kinepolis, listed on the Euronext Brussels exchange, said its current banking partners have already approved €100 million ($115 million) in additional financing to fund the deal. The company expects the transaction to close by the end of 2025.

“This is a milestone in our company’s expansion,” said Eddy Duquenne, CEO of Kinepolis, in a statement. “The location and size of these high-quality cinemas make them a valuable addition to our portfolio, allowing us to strengthen our presence in the U.S. market.”

Financial Advisors and Legal Teams

Kinepolis is being represented by Honigman LLP, led by partner Evan Leibhan, with EY and PwC acting as financial advisers on the transaction.

For its part, Michigan-based Emagine Entertainment draws approximately six million visitors annually and reported $129 million in revenue and $20.3 million in pre-tax profit before lease payments for the 12 months ending in September.

Riding the Post-Pandemic Rebound

The acquisition comes as the U.S. movie theater industry experiences a steady recovery from the pandemic’s impact. According to Ibis World’s 2025 report, box office revenues hit $9 billion in 2024, a 20% increase from 2023, though still $2 billion below pre-2020 levels.

North American theater chains—AMC Entertainment, Regal, and Cinemark among them—have collectively poured over $1.5 billion into auditorium upgrades over the past year, signaling renewed optimism in the big-screen experience.

Kinepolis Eyes Long-Term Growth

Headquartered in Ghent, Belgium, Kinepolis currently operates 108 cinemas worldwide, including 63 in Europe and 45 in North America. The company confirmed it will retain the Emagine brand for the acquired theaters, preserving their established market identity while integrating them into Kinepolis’ global operations.

Neither Kinepolis nor Emagine responded immediately to requests for comment, but the deal underscores Kinepolis’ determination to play a leading role in the cinematic resurgence—transforming what began as a European legacy into a transatlantic entertainment empire.