Shari Redstone has partnered with UFG Private Equity to acquire a Russian movie theater chain from National Amusements, the company run by Redstone and her father, Sumner Redstone,
the
Los Angeles Times
reported.
National Amusements “has been selling theaters to help pay down debt,” the report noted.
National Amusements recently reached a deal to sell 35 U.S. theaters …. to Texas-based Rave Cinemas. Last fall, the elder Redstone sold nearly $1 billion in stock in the two media companies he controls, Viacom Inc. and CBS Corp., to help retire the $1.46 billion that National Amusements owed lenders. After the sale of the Russian theaters, National Amusements is not expected to unload any other assets.
The Russian chain operates six theaters in Moscow and St. Petersburg. Shari Redstone and entrepreneur Paul Heth launched the chain in 2002, the
LA Times
report said. Redstone will be chairman of the new entity, and Heth will be president. Shari Redstone is also president of National Amusements. (Source:
Los Angeles Times,
Jan. 8, 2010.)
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