Cinemark, UCI participated in negotiations
RIO DE JANEIRO — The local division of UCI Cinemas, Brazil’s third largest exhib and a Universal/Paramount joint venture, is up for sale.
A UCI spokesman said the negotiations developed from its sale of European circuits to Terra Firma Capital Partners last August but refused to reveal more details.
The country’s top two exhibs, Cinemark and the Ribeiro Group, have reportedly participated in the negotiations but did not reach an agreement for the purchase.
Cinemark and UCI initiated Brazil’s multiplex revolution. UCI opened its first plex here seven years ago — it now has 111 screens, Cinemark 302 and the Ribeiro Group 202.
Industry execs said one of the obstacles is the high price of UCI theaters. Most of the exhib’s 10 Brazilian plexes in seven cities are above the industry standard and are located in upscale neighborhoods.