Cimemaxx and Ufa part ways

Exhib shareholder Apax to continue business-as-usual

BERLIN — Local multiplex exhibs Cinemaxx and Ufa, which merged their administrative and managerial operations last year, are reportedly splitting up next month.

Cinemaxx, which holds a 10% stake in Ufa, took operational control in a joint effort to boost efficiency between the two chains in Germany’s highly competitive exhib market.

According to German weekly Der Spiegel, Ufa’s main shareholder, the U.S.-based Apax has decided to go it alone. The company aims to open headquarters in Hamburg and restructure Ufa, which has seen business decline in recent years and seat numbers drop from 90,000 to 60,000. Multiplexes have closed in rural areas but new Ufa theaters are opening in Berlin, Aachen and Heidelberg.

The break-up is a blow to Cinemaxx, which until recently was hailing the partnership as a “milestone.” Publicly-listed Cinemaxx recently posted half-year losses of DM52.3 million ($22.5 million). It has lost top execs in recent months including chief financial officer Marius Schwarz and Chris Koppelmeier, head of the group’s H.-J. Flebbe Filmtheater division.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading