Danish Studio Nordisk Film Buys Norway's Largest Cinema Chain
The Danish studio will pay $103 million for Oslo Kino, which operates 15 cinemas in nine Norwegian cities.
Danish studio Nordisk Film has acquired Oslo Kino, Norway's largest cinema chain, for $103 million (600 million Norwegian Crowns).
The deal, announced by the city of Oslo Thursday, expands Nordisk's Scandinavian distribution network, adding 15 theaters to the 17 cinemas the company already runs in Denmark and the its one Norwegian theater - KinoCity Drammen.
Oslo Kino operates 7 cinemas in the Norwegian capital and 8 more in smaller cities around the country. The group has annual sales of around 3 million tickets, or about a quarter of total admissions for the territory. With the addition of Oslo Kino, Nordisk's share of the Norwegian exhibition market will be around 28 percent. The deal is expected to go through in the second quarter of this year.
Untouched by the economic turmoil that has rocked southern Europe, the Norwegian box office has continued to grow. Admissions last year topped 12.1 million, a 4 percent jump on 2011.
The deal for Oslo Kino will further strength Nordisk's position as a leading independent in the Nordic territories. In addition to its exhibition assets, the group operates distribution, production and broadcasting operations across Scandinavia.