Cinema Park buys Rising Star Media to Further Strengthen Russian Cinema Giant
Merger joins Russia's largest theater chain with country's most profitable.
COLOGNE, Germany - Cinema Park, Russia's largest cinema chain, has acquired Rising Star Media, the country's most profitable theater chain, further strengthening Cinema Park's position as the territory's regional powerhouse. The deal brings together Cinema Park, which earned $120 million in revenue from its 169 screens last year, with Rising Star, which operates 75 screens in Moscow and St. Petersburg, including Russia's top 5 grossing cinemas.
No financial details of the deal were released. Cinema Park, however, said Rising Star's annual revenues exceeded $100 million.
Cinema Park is the self-styled leader in the 3D space in Russia and has signed two separate deals with IMAX making it IMAX’s biggest partner in Europe, with some 18 theaters. Rising Star Media operates two IMAX screens and last year put in an order for two more.
The deal, which was signed last week, marks a major payout for Rising Star co-founders Shari Redstone and Paul Heth, who bought out the operation from National Amusements in 2009 together with Charlie Ryan of UFG Private Equity.