New player enters Russian theater biz

Plans to develop site in central Moscow

MOSCOW -- Alexander Mamut, a Russian entrepreneur and co-owner of the film company Mirumir, has entered the film theater business.

He recently bought a company that has a lease on the theater Pioner in central Moscow through 2017, the business newspaper RBC Daily reported Monday.

The paper quoted the theater's director, Valery Dubrovsky as saying that the two-screen theater will be revamped and a source close to Mamut added that the investment in the theater will be up to $3 million.