Archive | Cinemas

Council & theatre company can Mid-City as venue

Published 15 July 2008

The Auckland Theatre Company & Auckland City Council said yesterday they’d decided not to pursue the proposal to develop the Mid-City cinema complex after investigations into transforming the venue into a multi-use theatre centre highlighted a number of risks.

 

Theatre company chairman Kit Toogood QC said both the company & the council felt the concept was worthy of serious consideration, but it became clear such development wasn’t a viable option.

 

“This is a case of sensible decisionmaking. While the proposal was an exciting possibility, the more we have looked at it, the more apparent it’s become that the Mid-City site is too restricted and is not going to deliver 3 spaces. We felt this was too much of a compromise for the industry.

 

“Auckland Theatre Company remains committed to working with the council to develop a home for Auckland’s theatre & dance companies. A great deal of useful research has been done over the past couple of months and we are already considering other possible sites for a dynamic world-class performance facility that is highly attractive to Auckland audiences & visitors alike.”

 

Council arts, culture & recreation committee chairman Greg Moyle said a number of positive outcomes had resulted from the Mid-City work: “We have had great co-operation & input from the sector, as well as agreement on their needs & priorities. We have also put time into developing the specifications for the spaces that are priorities, which will be extremely helpful going forward.”

 

Cllr Moyle said it was widely acknowledged that Auckland was constrained in the provision of professional arts venues: “We know that doing nothing is not an answer. The council is looking to keep the momentum generated by the Mid-City proposal going. We are committed to, over time, meeting the needs of the performing arts community through the provision of space to accommodate the needs of the Q Theatre, the Auckland Theatre Company & the Edge. The focus will now shift to alternative sites and we will continue with the current venue study to help us determine what the next step is.”

 

The venue study includes developing a strategic action plan that will guide & prioritise future investment in performing arts venues. Councillors asked for this study in February to update venue needs before they make a final decision on the Q theatre proposal. The findings of the venue study are expected to be ready by August.

 

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Attribution: Council & theatre company release, story written by Bob Dey for this website.

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Reading bumps up profit, buys development site in Auckland

Published 1 April 2007


Los Angeles-based cinema company Reading International Inc increased revenue from continuing operations by 8.2%, net income by 290% & ebitda by 32.2% in 2006.


Reading has cinema & land interests in New Zealand as well as the US & Canada.


Revenue from continuing operations increased to $US106.1 million, net income to $US3.9 million, ebitda to $US25.9 million.


Reading formed Landplan Property Partners Ltd in Australia, and Landplan Property Partners NZ Ltd in November (originally with Reading in the name, but that was dropped in February) “to identify, acquire & develop or redevelop properties in Australia & New Zealand on an opportunistic basis”.


By 14 March these new companies had acquired 2 such properties, one in Australia & one in New Zealand, for a total investment of $US6.7 million. The 4000m² Auckland property, bought in February, cost $NZ7.1 million.


To consolidate & rationalise its holdings, Reading sold its 50% joint-venture interests in 3 mainstream Berkeley cinemas in Auckland (aggregating 13 screens) to its partner, Everard Entertainment, and acquired Everard’s 50% of their 8-screen Christchurch joint venture. The Rialto art house cinema in Newmarket, held in a 50:50 unconsolidated joint venture with SkyCity Leisure Ltd, was refurbished, expanded & reopened. And Reading acquired an existing 3-screen leasehold cinema in Queenstown.



Reading owns & operates cinemas and develops, owns & operates retail & commercial real estate assets in the US, Australia & New Zealand, including entertainment-themed retail centres in Australia & New Zealand and live theatre assets in Chicago & Manhattan.


Since the December balance date, the company has completed the placement of $US50 million in trust preferred securities. No principal payments are due until maturity in 2027.


This transaction closed on 5 February 5 and Reading used the funds principally to pay off its New Zealand bank debt ($US34.4 million, $NZ50 million) and to pay down its Australian debt (by $US5.8 million, $A7.4 million). The company has left a $US42.3 million ($NZ60 million) line of credit in place in New Zealand and increased its borrowing ability in Australia to $US10.9 million ($A13.9 million).


Websites: Reading International


NZ cinemas:


Reading


Rialto


Berkeley Cinemas


 


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Attribution: Company release, story written by Bob Dey for this website.

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Cinema giants AMC & Loews to merge under merged holding company

Published: 23 June 2005


Major US cinema companies AMC Entertainment Inc & Loews Cineplex Entertainment Corp said on 21 June they planned to merge their businesses and their holding companies would also merge.



Loews’ holding company, LCE Holdings Inc, would be submerged in Marquee Holdings Inc, the AMC holding company which is controlled by affiliates of JP Morgan Partners LLC & Apollo Management LP. LCE’s investors include affiliates of Bain Capital Partners, The Carlyle Group & Spectrum Equity Investors, which would hold about 40% of the post-merger holding company.


The merged operator, retaining the AMC Entertainment name, will have its headquarters in Kansas City, Missouri, rather than New York, where Loews is based. It will own, manage or have interests in 450 cinemas with about 5900 screens in 30 US states & 13 other countries.


Websites: AMC Theatres


Loews Cineplex Entertainment Corp


The Carlyle Corp


JP Morgan Partners


Bain Capital Partners


Spectrum Equity Investors


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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Reading buys Movieland circuit

Reading International Ltd has contracted to buy 6 cinema businesses representing 27 screens, plus the underlying property interests of 3 of them.


The sites, known as the Movieland Circuit, are in Rotorua, Napier, Hastings, Kapiti Coast, Porirua & Invercargill. They’ll be rebranded under the reading name.


2 sites can be developed, enabling 4 new screens to be built soon.


Executive Director for Australia and New Zealand, Mr Wayne Smith said: “The sites represent an exciting opportunity and their acquisition is consistent with the company’s ambition to grow its portfolio of cinema-based assets. This clearly demonstrates Reading’s commitment as a leading alternative in the cinema exhibition industry with a clear focus upon the New Zealand market.”


After acquisition & construction, Reading will directly own 41 screens on 7 sites, 41 screens. Through the Berkeley Cinemas joint venture it will have an interest in 21 more screens at 4 sites. It also has an 8-screen complex due to open at the Botany town centre in December.

Reading’s executive director for Australia & New Zealand, Wayne Smith, said the company also wanted to expand its Courtenay central complex in Wellington.

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