National Amusements, the US cinema chain owned by Viacom is looking to sell off its UK theatres in a bid to reduce the company’s debt (Viacom currently has over a billion pounds of awkward debt). The recession has hit Viacom particularly hard, with talks at one point that head honcho Sumner Redstone might have been forced to relinquish control of the company.
The cinema chain in question is Showcase, which operates at 21 multiplexes across the country, including the ‘Cinema De Lux’ sub-brand in Bristol, Derby and Leicester, which offers a posher movie experience than most cinemas.
Apparently Odeon, Vue and Cineworld, the biggest chains in the country (together they control 3/4 of UK screens), have all expressed interest in the Showcase screens, although it’s believed none of them want to buy all the cinemas, due to competition issues, but that they may find a way of splitting them up. It’s also believed an American company is interested in buying the chain, as well as a consortium of UK businessmen.
While the 21 sites were valued at $500 million 18 months ago, it’s thought the economic ructions will have decreased the chain’s value. However if you’ve got a few hundred million burning a hole in your pocket, you might fancy taking a punt.