Commonwealth Theaters

Film production company Cannon Group announced in 1986 that it had agreed to purchase Commonwealth for $25 million in cash plus the assumption of $50 to $60 million in debt. At this time, Commonwealth was the sixth-largest theater chain in the country, comprising 425 screens in 12 states, with plans to open 70 more screens that year.[4][5] Within six months, Cannon ran into serious financial problems. These problems led to Renta Immobiliarla S.A., a Spanish-based group controlled by Italian financier Giancarlo Parretti, acquiring a significant stake in Cannon, and Cannon put Commonwealth up for sale. Renta subsequently acquired complete control of Commonwealth in January 1988. One month later, Renta announced the formation of a joint venture with United Artists Theatres, a theater chain then controlled by Tele-Communications Inc. Under the terms of the joint venture, each party would control 50% of Commonwealth.[6] Later press reports characterize the transfer of ownership as a purchase by United Artists, rather than a joint venture.[2]

By 1991, the downtown Kansas City headquarters building had closed.[1] United Artists reportedly sold off many former Commonwealth screens on a market-by-market basis.[7]