Russian theatre chain Cinema Park has acquired Rising Star Media, the group that operates in the country under the name Kinostar de Lux.
Cinema Park is a dominant force in Russia. The self-styled leader in the 3D space reportedly generated $120m in revenue in 2010 and last year became IMAX’s biggest partner in Europe when it signed a 14-theatre deal.
Rising Star Media has 75 screens spanning Moscow to St Petersburg and claims to own the top five grossing cinemas in Russia.
The transaction closed last week. The parties did not disclose financial details, however Cinema Park indicated in a press release that Rising Star Media’s revenues exceeded $100m.
Shari Redstone, president of US-based National Amusements, co-founded Rising Star Media in 2002 with Paul Heth. The pair purchased Rising Star from National Amusements in 2009 in association with Charlie Ryan of UFG Private Equity, an asset manager focused on Russia investments.
“The fact that a Russian company with the stature of ProfMedia [Cinema Park’s parent company] has acquired Rising Star is a true testament to what we have accomplished in this country,” Heth said. “While it is bittersweet to relinquish our Kinostar de Lux theaters, we are proud of what we built and pleased that our audiences will continue to enjoy the ultimate Russian movie-going experience.”
No comments yet