Industry – Spain
Country Focus: Spain
MK2 buys ten multiplexes in Andalusia
- The independent French group announced the acquisition of 136 cinemas from the Cinesur cinema conglomerate, the biggest in southern Spain
The French independent giant MK2, leader in its country of independent cinema, has announced the purchase of 136 cinemas from Cinesur. The cinema conglomerate is the biggest in southern Spain and the fifth largest in the country, with a total revenue estimated at €10.5 million, according to daily ABC. The French company is thus entering a Spanish market currently undergoing some recovery, even if it is in nothing like the same shape as previous years.
Cinesur’s purchase could be the first step for MK2 expansion in Spain. The Sánchez-Ramade family – now former owners of Cinesur – had been trying to sell for years in order to reduce their €9 million debt (which will be transferred to MK2).
In a press release, the French group said it would “export certain concepts, which have determined the success of MK2 in Paris,” like “the programming of films in their original language, cinema-philosophy sessions, children laboratories and events in movie theatres.”
The agreement between Cinesur and MK2 will include ten of the eleven multiplexes the group owned.
(Translated from Spanish)
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