Sistema controlled RWS exits project over land issues

MOSCOW - Russia's financial and media group Sistema will not participate in what is expected to become Europe's largest film studio complex. The film company Russia World Studio (RWS), in which Sistema acquired a controlling stake earlier this year, said Thursday that it is no longer interested in the $300 million project planned to be implemented in the Black Sea resort of Anapa under the name Anapa-Film.

Uncertainty over land for the construction of the studio complex was stated as the main reason for the pullout.

A spokesman for RWS told The Hollywood Reporter that the company is still interested in building a studio complex in the Black Sea area, but not with Anapa-Film and would only invest in a project where land issues are settled.

Several smaller companies currently remain part of Anapa-Film, but the project's future is uncertain.