Russia's Cinema Park Seeks to Become Country's Biggest Exhibitor
The Russian theater chain is looking to acquire Kinostar de Lux for $70 million - $80 million.
MOSCOW -- The Russian film theater chain Cinema Park is closing in on a smaller chain, Kinostar de Lux, according to a local press report. The deal would create the biggest player in the Russian film theater market.
Cinema Park, owned by the group Prof Media, which also controls the independent film distributor and producer Central Partnership, is in negotiations to acquire Kinostar de Lux for $70 million - $80 million, the Russian business newspaper RBK Daily reported.
A spokesperson for Prof Media told The Hollywood Reporter that she could not comment on the report. Similarly, Cinema Park and Kinostar de Lux said that executives who are familiar with the situation were not available.
Meanwhile, the acquisition of Kinostar de Lux would allow Cinema Park, which currently runs 19 theaters and 160 screens in the country’s bigger cities, to become the sector’s top player. According to Nevafilm Research, Cinema Park’s market share is currently 6.5 percent, second only to Karo Film (6.9 percent). Kinostar de Lux, with six theaters and 75 screens which are located in the largest shopping malls of Moscow and St. Petersburg, takes 4 percent of the market.
The ownership structure of Kinostar de Lux has not been disclosed, but, according to the RBK Daily report, last year, Sumner Redstone’s National Amusement Inc. sold the chain to Redstone’s daughter Shari, the chain’s general director Paul Heath and the investment fund UFG Private Equity.