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Photo by Herkus Milaeviius
Estonia’s leading investment firm UP Invest, owned by businessman Margus Linnamae, announces the acquisition of the Forum Cinemas cinema business in Estonia, Latvia and Lithuania.
New chapters two and three
According to Sven Nuutmann, member of the board and CEO of UP Invest, although UP Invest through the Apollo Group is well established in the Estonian film business, the acquisition of Forum Cinemas will help the company strengthen its position in the Lithuanian market .
The COVID-19 outbreak requires the film industry around the world to be going through a difficult year, so consolidation is inevitable. Forum Cinemas is a very well run company in the Baltic countries and we are very satisfied with this transaction, confirmed S. Nuutmann.
According to the company representative, the goal will be to apply the best technological solutions and service standards applied by Apollo and Forum Cinemas to all cinemas so that filmmakers can enjoy an even higher level of entertainment.
The counterparties expect to complete the transaction by the end of this year or at the latest early next year, subject to the approval of the Estonian, Latvian and Lithuanian competition authorities.
Forum Cinemas OU is the largest cinema operator in the Baltic States, operating the Coca-Cola Plaza cinema complex in Tallinn, Ekraan Tartu and Centrum Viljandi. The company also has only one cinema in Latvia and five in Lithuania.
Forum Cinemas is owned by the Finnish film distribution company Finnkino Group, which in turn belongs to the Odeon Group, which has been part of the American cinema network AMC since March 2017.
UP Invest specializes in investments in healthcare, media, real estate, retail and services, as well as investments in technology venture capital. UP Invest is owned by the MM Grupp holding company, managed by Margus Linnamae and Ivaro Vendelin.
Purchased will sell advertising portals
Linnamae’s capital accumulated last year for a few million sold will sell ads to the portal business.
Last year, the entrepreneur sold a group of popular advertising sites in the Baltic countries, which also included Lithuanian advertising portals such as Autoplius.lt, Aruodas.lt or Skelbiu.lt (80% of the business sold is in Lithuania).
The ad sites were acquired by London-based investment group ApaxPartners at surprising prices in many other markets. Although it is officially declared that the value of the transaction is 150 million. In the market it is said that more than 300 million euros have been paid. EUR.
A total of 11 online advertising companies were transferred in the Baltic States. In Estonia and Latvia, the owners have been replaced by portals such as KV.ee, City24.ee, City24.lv, Osta.ee and Soov.ee. It is estimated that an average of more than 50 million people visit them per month. users.
Mr. Linnamae, you will sell advertising portals, ilaik media control.
His company Postimees Grupp (formerly acting on behalf of Eesti Media) in Estonia owns the Postimees newspaper and several county newspapers, the Kanal 2 television group, several radio stations, the BNS news agency and the 15min portal in Lithuania, Latvia TV Net and other media. the group also includes media monitoring mon Mediaskope.
Named as one of Estonia’s richest businessmen, Linnamae’s assets were valued at nearly 190 million prior to the sale of the advertising business (2018). Eur (5th place among the richest Estonian companies according to Aripaev).
There were rumors that Linnamae was looking for an investment in the banking sector and could invest in Bigbank, but the rumors did not materialize.
Current owner
The American company AMC Theaters, which owns the largest cinematographer in the Nordic and Baltic countries, Nordic Cinema Group, which operates Forum Cinemas in Lithuania, Latvia and Estonia, bought in 2017.
The Americans then paid 929 million euros to the Swedish media company Bonnier and the private equity investment firm Bridgepoint u, the cinema operator, Nordic Cinema Group. AMERICAN DOLLAR. It is true that the agreement covered some 68 cinemas in the Nordic and Baltic countries.
AMC Theaters is the largest theater operator in the United States, Europe and the world. It has around 900 cinemas. The company is already active in 7 European countries and has leadership positions in the UK, Ireland, Spain and Italy. In the Nordic and Baltic countries, the company has not yet operated.
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