Interros has taken the decision to branch out its Cinema Park chain, previously part of the Profmedia holding company, into an independent business. Representatives from Profmedia and Interros are to sit on the Board of Directors which will take care of the strategic management of the company.
Olga Zinovieva, Interros First Deputy Director General, commented:
We believe that the Cinema Parks growth rate suggests that it should be run independently. Cinema Parks core activity is service provision to the public, while other businesses under the Profmedia umbrella are focused on the advertising market. Profmedia and Interros have done a huge job by having created from scratch the largest cinema chain in Russia and Eastern Europe. We consider this project to be one of our key long-term investments. The key priority for Cinema Park at this stage is a successful completion of integration with the previously acquired Kinostar de Luxe".