Herbert Kloiber takes control of CinemaxX
Acquires additional 19% of the multiplex groupCOLOGNE, Germany -- Herbert Kloiber has taken majority control of German multiplex group CinemaxX, increasing his stake to just under 69%.
Kloiber bought out investment group H+Z Beteiligungs GmbH, acquiring an additional 19% of CinemaxX to give him control of group. Just last week, H+Z increased its CinemaxX stake, buying 12.6% of the company from Belgian cinema group Kinepolis (HR 8/4).
The deal will Kloiber's Tele Munchen Group conglomerate a major boost. Kloiber has said he expects revenue at TMG to jump €170 million ($243 million) to about €500 million ($715 million) this year, compared with €283 million in 2008.
CinemaxX last year booked a €5.1 million net loss despite a 5% boost in revenue to €168 million. But the red ink was partially due to one-off effects, and Kloiber is confident the exhibitor will move into the black this year.