Gulf & Western acquired a California theater chain.

Festival Enterprises, a 91-screen circuit headquartered in Walnut Creek, was sold by San Francisco Bay Area businessmen Richard Jeha, William Kartozian and Stanley Sperling for undisclosed terms. The price was about $50 million, according to a source familiar with the deal. The transaction marks the third theater-chain acquisition this year by Gulf & Western, which also owns Paramount Pictures. The company recently paid $220 million to acquire Mann Theatres of California, and it acquired TransLux theaters in Connecticut and New York for $15 million.