Regal Entertainment Group Announces Agreement To Acquire Consolidated Theatres

[The following is a release from Regal Entertainment Group]

January 16, 2008

Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced that it has entered into an agreement to acquire Consolidated Theatres for approximately $210 million in cash. The proposed acquisition will add a total of 28 theatres with 400 screens to Regal’s portfolio and enhance Regal’s presence in Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia. The consummation of the acquisition is subject to customary closing conditions. “We expect the acquisition of Consolidated Theatres to be accretive to cash flows and earnings and are pleased to announce an agreement to purchase these high quality assets,” stated Mike Campbell, Chairman & CEO of Regal Entertainment Group. “Accretive acquisitions are a key component of our overall business strategy and we look forward to a successful closing and integration of the Consolidated Theatre assets during the first half of 2008,” Campbell continued. Forward-looking Statements: This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2006 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2007. All forward-looking statements are expressly qualified in their entirety by such factors.

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