Mediaset-Benetton Consortium Becomes Largest Cinema Operator in Italy
Acquisition of Cinecity cinema chain for a reported $133 million creates Italy’s biggest chain.
A consortium led by Italian broadcast giant Mediaset and fashion house Benetton has acquired control of the Cinecity cinema chain in Italy for a reported €100 million ($133 million).
The Cinecity chain, which had been under the control of investment bankers Morgan Stanley and several members of the Furlan family, had been the third largest cinema chain in Italy, with six multiplex facilities.
With the acquisition, The Space Cinema, the Mediaset-Benetton-led consortium, expands its reach to 34 multiplexes and a total of 347 screens, making it the biggest cinema operators in the country, with its strength in the northeastern part of the country. The deal is still pending antitrust approval.
Mediaset is under the control of Italian prime minister Silvio Berlusconi.