Head of Russian Ad Giant Buys Stake in Cinema Chain (Report)
Vi's Sergei Vasiliev takes a position in ADG Group, which owns 30 theaters in Moscow.
Sergei Vasiliev, general director of Russia's largest TV ad seller Vi (formerly known as Video International), has reportedly obtained a stake in ADG Group, the owner of a 39-theater chain in Moscow.
Vasiliev bought an unspecified stake in the company, entering into a partnership with the group's owners, Grigory and Mikhail Pechersky, the Russian business daily Kommersant reported. ADG Group declined to comment.
ADG Group privatized 39 old film theaters previously owned by the Moscow city government for 9.58 billion rubles ($152 million) and pledged to invest about 40 billion rubles ($637 million) in their renovation, as many are in poor condition.
A spokesman for ADG Group told The Hollywood Reporter that the company is making all efforts to observe the previously announced schedule, under which renovations are set to begin in the first half of 2016.
ADG's renovation project is set to be the largest revamp ever implemented in regards to movie theaters in Moscow. Under the privatization conditions, the investor can turn theaters into multi-functional cultural centers, but film exhibition has to remain one of their activities.
Vi is Russia's largest TV ad seller, which works with major broadcasters Channel One, VGTRK and National Media Group.