Local movie powerhouse Century Theatres, which is based in California, has been sold to Plano, Tex.-based Cinemark USA Inc., reports the Dallas Morning News. The deal is a mix of cash and stock but terms were not disclosed.

Century operates more than 1,100 screens in 12 states. And 147 of them are in Nevada with the majority of those in Southern Nevada locals casinos.

Cinemark was bought in 2004 by Chicago-based private equity outfit Madison Dearborn Partners. The firm is using more debt to drive this deal, which led analysts to think about downgrading the company. But here’s another example of the now almost daily ritual of private equity deals for mature businesses that the market is abandoning.

Sure, the digital revolution has undercut a lot of traditional movie business but it also looks like some smart money thinks there’s plenty more to be made on the silver screen. The big questions are: 1) How do they intend to add that value? and 2) Will it work?