Oz project’s IPO delayed

'Market conditions,' Y2K postpone Studio City offering

SYDNEY — A $166 million December public share offering for Melbourne’s A$400 million ($256 million) Studio City — Viacom’s first studio and theme park outside North America — has been postponed until the new year.

Viacom Oz rep Paul Hameister told Daily Variety the delay was due to “market conditions,” including possible Y2K glitches and the fact that the Oz capital market needed a breather after a recent massive public offering by public telco Telstra.

He said brokers J.B. Were remain “fully committed to the project” and that the IPO would occur by March after the issue of a prospectus and an institutional roadshow.

But speculation is rife that at least part of the reason is to allow Studio City to distance itself from recent criticism of the project by Oz entertainment major Village Roadshow.

Interestingly, Village will now reportedly run the cinemas at Studio City.

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