Cineworld acquires Picturehouse Cinemas in UK

MUMBAI: The second-largest British exhibitor Cineworld has taken over art house cinema chain Picturhouse Cinemas by buying out its parent company the City Screen Group for $76 million (?47.3 million) in cash.

The deal was finalised between Cineworld and City Screen majority owner Arts Alliance and will add 21 sites and 60 screens to its real estate along with Picturehouse Entertainment, the distribution arm operated by the group. Cineworld also made public the fact that it plans to open 10 new locations across UK in the near future. Arts Alliance has been the majority shareholder of Picturehouse since 2002.
Post the buyout, Picturehouse will operate as a separate business entity within the Cineworld Group and there will be no change in the existing Picturehouse management team that runs the outfit.

For FY12 Picturehouse reported audited sales of $48.8 million (?30.3 million), profit before tax of $4 million (?2.5 million) and gross assets of $56 million (?35 million).

Cineworld CEO Stephen Wiener said, "This acquisition gives us an opportunity to accelerate our growth by reaching new audiences in a high value and growing part of the market. We recognize that Picturehouse is valued by its customers and we look forward to supporting the business through the next phase of its development."

Latest Reads
Box Office: A disastrous week for film exhibitors

It has been another disastrous week at the cinema halls and the wait is now on for Diwali week releases. All the releases failed to find audiences and faced the no-audience-no-show situation. The films released a week earlier were faced with the similar fate as well.

Movies Hindi
Govt says 'no mushkil' to 'Ae Dil' even as Pak industry supports Indian content ban

NEW DELHI: Although Indian is almost completely banned in Pakistan now courtesy PEMRA, in India, it became a Catch-22: give in or give up. But, ultimately Karan Johar managed to get an assurance that ‘Ae Dil hai Mushkil’ would be released as scheduled on 28 October, after the Maharashtra chief...

Movies Hindi
Sony Pictures signs three-film deal with international producers

MUMBAI: Sony Pictures International Productions (SPIP) has inked a deal with Mexico and Los Angeles-based producers Eduardo Cisneros and Jason Shuman. With this multi-picture development, the producers will write and produce three new feature films with the studio.

Movies Hollywood
31st October: Genuine effort wasted

Rather late in the day, 31stOctober is a film about the Sikh genocide of 1984 in Delhi in the aftermath of assassination of the then prime minister of India Indira Gandhi. She was killed by her security guards, who happened to be Sikh. That assassination, again, is attributed to the anger of the...

Movies Hindi
TV premiere of Daniel Craig's 'Spectre' on 23 October

Movies Now is all geared up to air the television premiere of the Daniel Craig starrer James Bond movie Spectre. With Diwali round the corner, the movie will hit the TV screens on 23 October at 1 pm and a repeat telecast at 9 pm.

Movies Hollywood
Jio MAMI: Royal Stag Barrel joins Star to promote short films

The Jio MAMI 18th Mumbai Film Festival with Star has managed to involve Royal Stag Barrel Select Large Short Films to provide a platform within the short films category.

Movies Hindi
India against obstructing Fawad film; Maharashtra assures 'protection'

Even as PEMRA's ban on Indian content looms, the Indian Government has made it clear that it will not create any impediment for the release of producer-director Karan Johar’s 'Ae Dil Hai Mushkil’ starring popular Pakistani actor Fawad Khan, among others.

Movies Hindi
'Thithi' to open Dharmashala fest; to screen 45 features and shorts

A total of 45 features and shorts are to screened at the fifth Dharamshala International Film Festival (DIFF) to be held from 3 to 6 November.

Movies Hindi
New films: The business of a few lakhs

The dull pre-Diwali period has taken its toll. The films released recently as well as last Friday have fallen like nine pins. Some of these have been forced to commit hara-kiri as they would not be able to get playtime at the cinemas in peak period when the flow of star cast films is regular. The...

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories