Magazine article Screen International

Warner Pulls out of Theatrical Exhibition in Japan

Magazine article Screen International

Warner Pulls out of Theatrical Exhibition in Japan

Article excerpt

Japan's Aeon Group has announced plans to buy out Time Warner Group's 50% holdings in theatrical exhibitor Warner-Mycal Cinemas.

The exhibition company will become a wholly-owned subsidiary of Aeon.

Aeon will finalise the transaction for an undisclosed amount at the end of February or beginning of March 2013 using cash reserves.

Warner-Mycal will be absorbed into Aeon's own Aeon Cinema chain, totaling 600 screens at 73 locations, surpassing Toho to make it the largest exhibitor in Japan.

Aeon is Japan and Asia's largest retail conglomerate, focused on hypermarkets, supermarkets and convenience stores. It aims to further synergise its retail and entertainment businesses.

Warner-Mycal chairman Jerry Black [pictured] commented on the deal: "We see this as a great opportunity to improve the customer experience at Aeon shopping centers by offering more kinds of visual entertainment, including music and sports events. …

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