The biggest national cinema chain Cinema Park has announced today the acquisition of 100% of Rising Star Media shares (operates under the brand name Kinostar de Luxe) from UFG Private Equity, owned by Shari Redstone and Paul Heth. By the end of 2011 Rising Star Media will be fully integrated into the Cinema Park chain.
The acquisition was financed by Interros shareholder Vladimir Potanin.
Olga Zinovieva, Interros First Deputy Director General, commented:
The development of the federal cinema chain is one of Interros key investments in the consumer goods sector. In a few years Cinema Park has become the national leader as to the quantity of halls. This speaks to the fact that weve pursued the right strategy of creating cinemas from scratch and investing in the state-of-the-art technologies. The Kinostar de Luxe acquisition is another step to cement our leadership on the market.