13-01-2014

Polish listed Cinema City International taken over by UK Cineworld

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WARSAW: Poland’s biggest cinema operator Cinema City International has been taken over by the UK’s Cineworld in a deal worth 600m EUR.

Cineworld will pay approximately 330m EUR in cash to Cinema City which will give it a 24.9 percent stake in the combined company, which will have 201 sites across seven countries and 1,852 fully digital screens.

Cinema City, which operates cinemas in seven countries including Hungary, Romania and the Czech Republic, reported annual revenues of 280m EUR of annual revenues for 2012. The company is listed on the Warsaw Stock Exchange.

Cinema City International is the largest multiplex cinema operator in Central and Eastern Europe and in Israel. The company operates 99 multiplexes with 966 digital screens, in seven countries (Poland, the Czech Republic, Hungary, Romania, Bulgaria, Slovakia and Israel). The Company operates 10 IMAX theatres and 5 4DX auditoriums.

Cinema City also has 36 more multiplexes under development, which will offer close to 380 new screens. In addition is also involved in distribution and in 2012 sold 36.3 million tickets in seven countries.