Norwegian theater’s verdict in

World Brief

After two years — and lawyers’ fees of $270,000 — the Oslo City Council has decided not to privatize Oslo Municipal Cinemas, Norway’s largest theater circuit, which accounts for up to 30% of the country’s exhibition business.

“For the time being, there is not much venture capital around,” was how culture council member Kjell Veivaag explained the failure to sell 66% of the public company’s shares to an independent player. Three bidders allegedly were turned down.

The circuit needs $1.7 million annually to pay its rent.

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