Russian Theater Chain Cinema Park Set to Be Sold (Report)

2:30 PM PST 03/23/2014 by Nick Holdsworth
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An aerial view of Moscow.

The media wing of natural gas giant Gazprom sees the 30 strong chain as a strategic acquisition, according to a local paper.

Russian oligarch Vladimir Potanin's industrial holding Interros is reportedly planning to divest its last media holding with the sale of its exhibition company Cinema Park.

Cinema Park, which runs a chain of 30 movie theaters in Moscow, St. Petersburg and 16 provincial Russian cities, is likely to be sold to Gazprom Media, the media wing of Russia's natural gas monopoly Gazprom, according to business daily newspaper Kommersant.

In February, Gazprom Media bought Potanin's ProfMedia group, which owns television channels TV3, 2X2 and Pyatnitsa, production shingle Central Partnership and several FM radio stations. The purchase of Cinema Park would complete the company's strategic acquisition.

Gazprom Media "remains interested in the business and has requested further information" from Interros, a source within Potanin's holidng told the newspaper.

Gazprom Media is the media wing of Russia's natural gas monopoly Gazprom. It runs television networks NTV and TNT, pay TV station NTV Plus, Echo of Moscow radio station and other companies, including online video services, Rutube and Now.

Its CEO Alexei Miller -- although close to President Vladimir Putin -- is not among those named in a list of senior Kremlin officials and businesspeople sanctioned this week by President Barack Obama as the crisis over the annexation of Crimea continues.

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