Rave Cinemas, LLC Announces Management Changes

DALLAS, Feb. 23, 2011 /PRNewswire/ -- Rave Cinemas, LLC ("Rave") today announced that John F. Antioco, the former Chairman and Chief Executive Officer of Blockbuster Inc., has joined Rave's board of directors. In addition, Peter A. Nelson and Arthur F. Starrs III, Rave's current Chief Operating Officer and Chief Financial Officer, respectively, have been named interim co-CEOs of the company until a permanent CEO is appointed.  As previously announced, Rave's former CEO, Thomas W. Stephenson, Jr., transitioned to a new role as Vice Chairman of the company's board of directors on December 31, 2010. Rave's board of directors is actively searching for a permanent CEO and will announce an appointment as soon as a decision has been made.

"John Antioco has a wide range of experience in the strategic management of entertainment and retail businesses, and his insight will be immensely valuable to the board as the company continues to expand.  We are delighted to welcome him to our board," said Charles B. Moss, Jr., Chairman of the Board.

Mr. Moss added, "Pete Nelson and Artie Starrs have helped to build Rave from the ground up, and I am confident that they will provide strong, expert leadership and continuity during our search for a permanent CEO."

Mr. Antioco commented, "I look forward to working with Rave's board of directors, as well as with Pete Nelson and Artie Starrs, during this exciting time for the company. Over the last decade, Rave has become a pioneer in the entertainment industry, and with the guidance of the company's senior leaders, Rave will continue to be on the industry's leading edge."

John Antioco has had a long and successful career in the entertainment, retail and restaurant industries. Prior to joining Rave's board of directors, he led Blockbuster through a series of transformative strategic and operational initiatives during his time as the company's Chairman and CEO, and under his stewardship, the company saw its revenue increase from $3.3 billion to over $6 billion. Before Blockbuster, Mr. Antioco spent 30 years in the retail and restaurant sectors, including 20 years at 7-Eleven, where he was ultimately the company's Senior Vice President responsible for all store operations worldwide. Mr. Antioco was also Chairman and CEO of Circle K and Taco Bell.  

Peter A. Nelson joined Rave at its founding in 2000. Before his career at Rave, he was Executive Vice President and Chief Financial Officer of the magazine publisher American Media, Inc., and he also worked for Arthur Andersen LLP in Ft. Lauderdale, Fla.

Arthur F. Starrs III joined Rave in 2005. Prior to Rave, Mr. Starrs was an investment banker at Dresdner Kleinwort Wasserstein and its predecessor Wasserstein Perella for seven years.  

ABOUT RAVE CINEMAS, LLC

Dallas-based Rave Cinemas, LLC, the United States' fifth-largest theater exhibition chain, owns or manages 61 theaters and 918 screens located in 20 states across the country under the Rave Motion Pictures brand and has a presence in seven of the top ten Designated Market Areas.  Rave has set the industry standard for customer experience and comfort.  A pioneer in the adoption of digital and 3-D technologies, Rave is a leader in alternative content programming, from live sports to concerts and opera.  The company recently announced a joint venture with IMAX that will open 13 new IMAX digital theaters at Rave locations by early 2011.  Rave is excited to be a top entertainment destination and through ongoing efforts, a good neighbor and corporate citizen. For more information, visit www.ravemotionpictures.com.

SOURCE Rave Cinemas, LLC