Hoyts to buy AMC’s 44 screens
Hoyts has entered into an agreement to acquire Australian Multiplex Cinemas (AMC), consisting of 44 screens in Victoria, Queensland and north NSW. The move sees Hoyts operating cinemas in all mainland states.
“We are thrilled to build a truly national footprint of Hoyts cinemas by integrating these great assets into our network,” said Hoyts Chief Executive Officer Delfin Fernandez in a statement.The agreement is conditional on regulatory approvals, and both parties aim to complete this transaction next month.
Hoyts will further digitise the existing AMC circuit to offer more 3D screens and alternative content.
Hoyts already operates 50 multiplexes / 404 screens in Australia and New Zealand. The acquisition will give the company 55 multiplexes / 448 screens, with the new screens located in Stafford, Sunnybank and Redcliffe (QLD), Tweed Heads (NSW) and Frankston (VIC). The company also owns Hoyts Distribution, cinema advertising company Val Morgan, and DVD kiosk rental chain Oovie.
Hoyts is owned by Pacific Equity Partners.
Monopoly much?
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MONOPOLY. Say goodbye to EVERYTHING except Hollywood movies. 100 years ago Australia led the world in production of (silent) movies, but an exhibition monopoly called “The Combine” basically prevented the screening of Australian films.
History repeats itself, just the names change.
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Silent take over or what !!!
so much for competition!!!
No wonder people are turning to downloading movies as there is no competition to push down prices at the cinemas!!!
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