FremantleMedia has launched a ventures division to exploit new business opportunities across its brands and divisions, director of operations and strategy Christian Schneider-Sickert said Thursday. The division will be headed by Paul Kanareck, former investment banker at NM Rothschild, who will be charged with building new revenue and investment opportunities.
PYRAMID BUILT IN CHINA
Pyramid Saimira Theatre has become the first Indian theatrical chain to move into China, opening the Longzhe Theatre Entertainment Tower in Huainan, a coal city of 2.3 million in the central Anhui Province. Chennai, India-based Pyramid, operator of 53 multiplexes and 800 screens in India, Malaysia, Singapore and North America, opened the Chinese cineplex Wednesday.
Shares of the New York Times rose 12% on Thursday to $15.25 after the beleaguered company reported that August advertising revenue at its numerous newspapers fell 16% year-over-year. The drop was an improvement over the 18% decline reported in June and July. Internet advertising, which makes up 13% of overall revenue at the company, rose 8%.