Village Roadshow Ltd. has sold its 50% stake in the 10-site Palace arthouse loop in Victoria and New South Wales back to the privately held Palace, part of its strategy of exiting from nonexclusive cinema assets. Pricetag was not disclosed.
VRL dissolved its Sky Cinemas New Zealand joint venture in September. Last month it sold its half of an Italian cinema partnership with Warner Bros. and earlier this year assumed control of its Aussie theme parks from WB.
VRL topper Graham Burke said, “Our decision to sell was based solely on a strategic direction in cinema exhibition of only having investments that Village directly manages.”