Magazine article Screen International

Cineworld to Buy Eastern Europe Chain CCI, Greidinger to CEO

Magazine article Screen International

Cineworld to Buy Eastern Europe Chain CCI, Greidinger to CEO

Article excerpt

Cineworld set to buy about 100 multiplexes in eastern Europe, finalises new management team.

UK exhibitor Cineworld is set to buy about 100 multiplexes in eastern Europe and Israel in a deal worth about £500m.

Cineworld is buying the outlets from exhibitor Cinema City International (CCI), which operates in seven countries across Central and Eastern Europe and Israel.

The deal marks the UK company's first acquisition outside the UK and Ireland.

The UK company will pay CCI £272m in cash, and has launched a £110m rights issue to help fund the purchase.

The combined group will have 201 sites and 1,852 screens. Under the deal, CCI will get a 24.9% stake in the merged business.

On completion, the management team of the enlarged group will comprise of representatives from both Cineworld and CCI: Cineworld's Anthony Bloom will continue as chairman of the combined group, Mooky Greidinger, the current chief executive officer of CCI, will be appointed as chief executive officer; Cineworld's Philip Bowcock will remain as chief financial officer; Israel Greidinger, the current chief financial officer of CCI will be appointed as chief operating officer.

The new board will comprise of ten directors, six from the existing Cineworld board together with Mooky Greidinger and Israel Greidinger and two new non-executive directors: Scott Rosenblum (CCI's current chairman) and Arni Samuelsson (new independent director). …

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