Luxury Multiplex Chain Kinostar De Lux Sold To UFG Private Equity and Shari Redstone
UFG Private Equity has announced that, together with Shari Redstone, it has acquired 75,1% of Russian theater chain operator Red Star Media from Sumner Redstone’s National Amusements, Inc.
Specific terms of the transaction were not disclosed.
The senior Redstone has been shedding his farther flung interests and selling stock in its media holdings in order to service the sizable debt load of his media empire.
Shari Redstone, daughter of Sumner Redstone and President and owner of 20% of National Amusements and will become chairman of the new entity.
Rising Star currently operates eight deluxe multiplex theater complexes in Moscow and St. Petersburg under the Kinostar Delux brand. All of its venues are equipped with 3-D presentation technology. They also operate two IMAX theaters.
According to UFG’s Charles Ryan, UFG’s “analysis of the market here in Moscow is that it is poised for additional theater expansion and with Rising Star we plan to make a significant investment in the marketplace.”
[Via Vedemosti]
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