Earlier this month Israeli based Cinema City International became the third largest theatre chain in Europe when they acquired Palace Cinemas. The deal includes 8 multiplexes in the Czech Republic, 4 multiplexes in Hungary and 3 multiplexes in Slovakia. This gives CCI an additional 141 screens and makes it the largest exhibitor in Central and Eastern Europe.
The sale of Palace was somewhat inevitable. The chain was founded by Arthur Goldblatt and V.J. Maury and backed with investment from a private equity firm, Argus Capital Partners. Presumably Argus wanted to cash in on their more than ten year investment in Palace. It appears they should be very happy. CCI paid EUR €28 million (or USD $38.16) for Palace which is more than six times the company’s 2010 EBITDA. The acquisition was financed with cash CCI had on hand and existing credit lines.
The acquisition has a number of upsides for CCI, not the least of which is their entry into Slovakia. The company is also increasing it’s market share in both the Czech and Hungarian markets. CCI entered the transaction as the third largest exhibitor in the Czech Republic with 13% of the country’s admissions and 15% of its box office. After picking up Palace they’ll be the country’s largest exhibitor with 111 screens across 13 venues representing 40% of admissions and 45% of the box office.
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Popularity: 3% [?]
Just a few months after announcing the installation of 12 digital 3D screens, Palace Cinemas, a leading Central European exhibitor has selected XDC as the d-cinema integrator which will deploy digital cinema throughout all its 170 screens. Installations will be financed using XDC’s virtual print fees and will commence in the latter half of 2009.
Budapest based Palace is the largest theatre circuit in Hungary, the Czech Republic and Slovakia. Of course, XDC will rely on the CineStore server they manufacture in each installation. Every one of Palace’s 20 theatres will be networked and use the CineStore Plaza as their central storage server in conjunction with XDC’s TMS. No word on what projectors have been selected, though they are sure to be DCI-compliant.
In Amsterdam for Cinema Expo, V.J. Maury, Palace Cinemas Chief Executive Officer, seemed excited that digital cinema was finally rolling out at circuit-wide. Read More »
Popularity: 20% [?]
RealD's Disposable 3D Glasses
Late last week I picked up on a rumor that was circulating about European exhibitors. Apparently, they are rejecting digital 3D versions of DreamWorks Animation’s “Monsters vs. Aliens” in lieu of 2D digital and 35mm prints as a response to being told that distributors will not pick up the tab for 3D glasses. The film opens internationally on March 27th.
Disposable polarized 3D glasses cost between 50 and 99 cents (USD) and are required to view digital 3D movies shown using systems manufactured by RealD and Masterimage. “Active glasses”, which operate using LCD lenses that flicker open and closed at the shutter rate of the projector, are reusable and cost upwards of USD $$25 to $30. Such glasses are necessary to view 3D films shown using XpanD technology. Reusable glasses for Dolby’s color wheel system cost USD $23. More than likely the dispute is over disposable glasses rather than reusable glasses since it is generally accepted that the exhibitor will be responsible for the latter.
In North America it has become a somewhat common practice for the distributor of a 3D film to pay for disposable glasses in part or entirely. This may not last however since distribution chiefs such as Mark Christiansen of Paramount Pictures have said they are determining whether they will be reimbursing an exhibitor for the cost of disposable glasses on a film by film basis.
The theatre owners that reported the unofficial boycott of “Monsters vs. Aliens” in 3D were from the Netherlands, the United Kingdom and a few Scandinavian countries. Equipment manufacturers and the few dealers I spoke with confirmed the story, and were somewhat frustrated as they believe such issues will hold up the rollout of digital cinema in Europe. Read More »
Popularity: 100% [?]
Central Europe will soon be able to experience 3D digital releases the way filmmakers had intended thanks to Palace Cinemas. Tomorrow the exhibitor will announce they will be adding twelve 3D digital screens to their circuit just in time for Dreamworks Animation’s “Monsters vs. Aliens” to premiere on March 26th.
Palace, which is the largest exhibitor in the Czech Republic, Slovakia and Hungary, will install three screens in Prague, two screens in Brno, two in Bratislava and an additional five in Budapest, where the company is headquartered. The news is a bit of a coup for Masterimage. The Korean company’s 3D technology has been selected for 11 of the installations. Palace, which already has one RealD system, will install an additional RealD screen at West End, one of their premiere venues in Budapest. Recently RealD and Dolby have stolen the spotlight when it comes to making announcments about new 3D installations.
“We like Masterimage, said Palace CEO V.J. Maury of why they chose the technology. “It’s a combination of great 3D on the screen and the right price. And we wouldn’t add another RealD screen at West End if it were not for its excellent 3D picture.”
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Popularity: 63% [?]
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