Cineworld clear to buy exhib UGC

World Brief

LONDON — U.K. competish authority the Office of Fair Trading (OFT) has given the green light to the purchase by Cineworld U.K. of UGC’s Blighty exhibition business.

Move waves through the creation of the territory’s second-largest circuit. In October 2004, Cineworld U.K. bought rival chain Cine-U.K.

The OFT made the all-clear dependent on Cineworld U.K. selling theaters in areas where both UGC and Cine-U.K. operate to address competition concerns. These are in Boldon, Harlow, Swindon, Wigan, Birmingham, Ealing and Slough.

Cineworld U.K., which is owned by U.S. venture capitalists the Blackstone Group, reportedly paid around $400 million for UGC, which has 408 screens in 42 theaters.

The U.K.’s three big chains — Odeon, Cineworld and Vue — are now all owned by venture capital groups rather than film companies.

Odeon Cinemas and UCI were snapped up last year by Guy Hands; Vue Entertainment was created in 2003 by the merger of Warner Village and SBC.

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