Shari Redstone sells Russian theater chain
While they continue to hold onto National Amusements, Shari Redstone and some other investors unloaded Russian chain Rising Star to the country’s largest cinema company, Cinema Park. This is only a couple years since they purchased the now 75- theater chain from Shari’s father, mogul Sumner Redstone.
They actually made a tidy profit off the investment as emerging markets like Russia haven’t had as much of a problem with declining attendance like the U.S. They’ve also been more receptive to 3-D, while American moviegoers seem to be a little frustrated with the premium ticket prices. An interesting counterpoint to the decreasing value of cinemas in the States.
Read more in the Wall Street Journal