Phil Anschutz's movie theater chain might be up for sale.

The Denver billionaire owns Regal Entertainment Group (NYSE: RGC), which said Tuesday that "it is currently engaged in discussions with Cineworld Group plc about a possible all-cash acquisition of Regal at a price of $23 per share."

London-based Cineworld Group is the second-largest movie theater operator in Europe. If the proposed $3.5 billion deal goes through, it would create a movie theater company with about 9,000 screens. Regal said it currently has 7,315 screens in 561 theaters.

Anschutz and Regal weren't talking further: "No agreement has been reached, and there is no assurance that any transaction will result. Regal Entertainment Group does not intend to make any further comment, or respond to any inquiries, until an agreement, if any, is reached, or discussions have been terminated," Regal said in a statement.

Read more at the Denver Business Journal.