Less than a year ago, The Clearview Cinema Group, which is based in Chatham, NJ, purchased the Roslyn Theater, located on Old Northern Boulevard. It also acquired theaters in Baldwin, New Hyde Park, Port Washington, Great Neck, Franklin Square, Manhasset and Babylon. Now Clearview Cinema Group, Inc., will be acquired by Cablevision Systems.

In a telephone press conference on Thursday, Aug. 13, Cablevision President James Dolan said that the deal will be "wonderful for all New York metropolitan area movie fans." For Cablevision, he said, it's a "natural expansion in a niche market." Mr. Dolan foresees cross promotion of cable shows in theaters and of movies shown in theaters on Cablevision. "The biggest reason people acquire Cablevision is movies," he said. "This will strengthen our relationship with our best customers." He was lavish in his compliments of Bud Mayo, the founder and chairman of Clearview Cinema Group, Inc.

Mr. Mayo was equally enthusiastic about the acquisition. "It's a great day for Clearview," he said. "Our customers are Cablevision customers. They watch AMC and Bravo. We serve the same suburban communities of New York." Clearview was only founded in 1994 when Mr. Mayo purchased five theaters. Its growth has been phenomenal, with 21 screens in 1995, 60 in 1996, 148 in 1997 and an expected 300 in 1998. The Clearview self-image is that it is the opposite of multiplex theaters. Most of the theaters have five or six screens.

Asked the origin of the deal, Mr. Mayo replied that "growing in this business requires an enormous amount of money. Forty-five percent of my time is spent raising money. This idea came from our friends on Wall Street." In response to a question as to how ambitious Cablevision's plans are for the future, Mr. Dolan said "Clearview has a history as a fast-growing company. We will support that."

Mr. Mayo said that the acquisition will not change the small community theaters at all. Mr. Dolan foresees the ability of Cablevision to promote its networks in the theaters through commercials on screen, ads in the lobby "and our name on the popcorn cups," he concluded with a laugh. He also said that in the future the public might be able to purchase books of tickets to watch movies at home through video-on-demand or in a theater. There could be demonstrations of video-on-demand in the theater lobbies.

David Checketts, president and CEO of Madison Square Garden, which Cablevision also owns, was asked whether the acquisition by Cablevision of Clearview would mean a loss of "backroom jobs." Like Mr. Dolan, he complimented Mr. Mayo's management team. "I don't see any fat in there," he said. Mr. Checketts added that Clearview will continue to grow, the next additions will probably be in New England. Mr. Mayo will continue to run Clearview, under the Cablevision aegis.

The Clearview stock will be acquired for $24.25 per share, payable in a combination of cash and Cablevision common stock on the basis of 55 percent cash and 45 percent Cablevision common stock. The gross value of the transaction, including the assumption of Clearview debt, is $160 million.